Fubon plans for further overseas expansion
By Ted Chen ,The China Post
March 21, 2014, 12:02 am TWN
TAIPEI, Taiwan -- Fubon Financial Co. yesterday expressed an upbeat outlook on the company's prospects this year, while recording sector-leading performance results for the fifth consecutive year.
The company last year recorded revenues of NT$32.709, while garnering eargings-per-share performance of NT$3.31, a return-on-equities rating of 10.5 percent, and return-on-asset rating of 0.75 percent.
Company President Vivien Hsu stated that due to the limited growth prospects of the banking and life insurance sector, efforts will be focused on expanding the company's property insurance and securities brokerage arms, and bolstering its presence in the Greater China regional markets.
Hsu stated that last year's revenue results exceeded a previous peak set in 2011 at NT$30.543 billion, while improving 12.2 percent year-on-year.
Most notably, Hsu stated that Taiwan's GDP growth is expected to hit 3 percent this year.
In its expansion to the Greater China markets, the company stated that tremendous progress has been made in the conclusion of the acquisition deal for First Sino Bank (華一銀行) in January, following efforts starting in 2008 to gain stakes in Xiamen Bank, the establishment of a property insurance subsidiary across the strait in 2010 and the formation of a wealth management company in 2011, the result of a collaborative initiative with Founder Securities (方正證卷).
On account of expected economic recovery and steady progress in cross-strait financial sector deregulation, the company expressed an upbeat outlook over prospects for this year, as it continues to expand its presence in the Greater China region and Asian markets by actively seeking acquisition candidates in the mainland.
On the Fed's recent announcement confirming the impending end of quantitative easing measures, the company stated that as the markets have been anticipating the change, its ramifications would be limited, and that there is no overwhelming cause for concern in price volatility in the international bond markets. In addition, interest rate hikes by the Fed are expected to be carried out at a gentle pace, said the company.