SCSB's Yung named Taiwan's top banking chairman: survey
The China Post news staff
March 8, 2014, 12:00 am TWN
TAIPEI, Taiwan -- Yung Hung-ching (榮鴻慶), chairman of the Shanghai Commercial & Savings Bank Ltd. (SCSB, 上海商業儲蓄銀行), was recently named Best Banking Chairman Taiwan 2014 by the UK-based Global Banking & Finance Review, according to a press release of the SCSB.
Yung has been a director of SCSB since 1964 and has been recognized internationally as a distinguished senior banker over the past half century, according to SCSB.
In 1983, Yung additionally took the position of vice chairman to lead the bank's operations.
Since his inauguration in 1983, Yung has been dedicated to enlarging SCSB's business scope, including the establishment of new branches and diversification of services.
In 1991, Yung further took over as the chairman of SCSB. In addition to solidifying and expanding the bank's business in Taiwan, he also endeavored to develop in the Asia-Pacific area and further stretch the bank's overseas territory. Now, the bank has a total of 71 branches (including 69 branches in Taiwan and one each in Hong Kong and Vietnam) as well as representative offices in Thailand and Cambodia, SCSB said.
Through one of its subsidiaries, the bank has also established a financial leasing company in Shanghai. The bank, furthermore, holds 57.6 percent of the shares of the Shanghai Commercial Bank, Hong Kong, which is now operating in 44 business sites in Hong Kong as well as branches in London, New York, Los Angeles, San Francisco, Shenzhen and Shanghai, SCSB stated.
In 2013, the bank was ranked 224th among the top 1,000 world banks. The total assets in the 2013 unaudited consolidated financial statement exceeded NT$1.430 trillion. The consolidated shareholders' equity also exceeded NT$130 billion, said the SCSB.
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The bank was also named the Best Commercial Bank Taiwan 2013 by Global Banking & Finance Review, the Best Managed Bank in Taiwan by Asian Banker, Singapore, as well as the Best Banking Brand Taiwan 2013 by Global Brands Magazine, UK, the bank said.
Yung is the son of Yung Tsoong-king, a pioneer of Chinese industry, who enjoys the honorary titles of the King of Flour and King of Cotton Yarn. Observing the management philosophy of his father, Yung endeavors to lead his employees with his heart and is fully devoted to community work.
In 2011, the bank was also awarded by the China Productivity Center as “Number one among general commercial banks in Employee Happiness.”
Under Yung's leadership, the bank became a publicly listed company in November 2012 and is now preparing for securities trading in the Emerging Stock Market in 2014.
Established in 1915 in Shanghai, The Shanghai Commercial & Savings Bank has been in the industry for 99 years.
Over time, the bank has been dedicated to developing the foreign exchange and international banking business. SCSB has therefore acquired a good market share and built up professional images in the markets of import L/C issuing, export negotiation and foreign exchange deposit.
Recently, SCSB has received from the minister of finance the Outstanding Award for Promoting Export Insurance. The award for Best Trade Finance Bank Taiwan 2014 granted by Global Banking & Finance Review, therefore, is a well-deserved honor for the bank, according to SCSB.