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July 23, 2017

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Fubon Financial's total assets exceed NT$5 tril. after merger completion

TAIPEI, Taiwan -- Due to the completion of a merger with a mainland bank, Fubon Financial Holding Co. (富邦金控) recently said that its total assets surpassed NT$5 trillion in late March.

In a recent conference call, Fubon Financial announced a net profit of NT$13.87 billion and earnings per share of NT$1.35 for the first quarter, amounting to 37 percent and 27 percent growth, respectively.

Merged Bank Reopens in China

Fubon Financial Chairman Tsai Ming-chung (蔡明忠) revealed that Fubon Financial recently renamed Shanghai-based First Sino Bank (華一銀行) as Fubon First Sino Bank (富邦華一銀行) after the approval of China's financial regulator.

Partly because of the completion of the merger with First Sino Bank and partly because Fubon Insurance's (富邦人壽) growth remained on track, Fubon Financial's total assets moved up to NT$5.15 trillion as of March, an 18-percent increase from the same period last year.

The total assets of Cathay Financial Holdings (國泰金控), Taiwan's largest financial holding company, breached NT$5 trillion in late 2013.

Fubon Financial, Taiwan's second largest financial holding company, took an 80-percent controlling share of Shanghai-based First Sino Bank (華一銀行) in January.

Tsai Minug-chung said that the next move for Fubon First Sino Bank is to increase Fubon Financial's share of the cross-border financial services market between Taiwan and China.

According to Investment Commission data, Taiwan's investments in mainland China currently stand at US$110 billion. Moreover, China's is Taiwan's largest goods export market and the major source of trade surplus.

Issuance of Debit Cards in Shanghai

Tsai said Fubon First Sino Bank also has plans on the drawing board to issue debit cards and has filed an application for a new branch in Shanghai.

As of March, the total assets of Fubon First Sino Bank were NT$50.52 billion with a net worth of NT$4.18 billion. Thanks to the merger, Fubon Financial's reach in China has vastly extended as First Sino Bank has had a network of 14 operating sites in major Chinese costal cities in the Yangtzu River Delta, the Pearl River delta and the Bo Hai Coastal Region.

In addition to the banking business, which contributes 42 percent of Fubon Financial's net profit, another profit earner which contributes another 42 percent is the group's insurance business.

According to Fubon Financial, the embedded value of Fubon Insurance was NT$295.7 billion in late 2013, translating to NT$29 embedded value per share for Fubon Financial, representing a growth rate of 27-percent from the same period in 2012.

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