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June 26, 2017

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The Shanghai Commercial & Savings Bank shareholders' meeting approves NT$1.5 cash dividend

The Shanghai Commercial and Savings Bank(SCSB) (stock code: 5876), one of the top GTSM-listed stocks, held its general shareholders' meeting on June 16, which was presided over in person by Yung Hung-ching, the Chairman. The 2016 financial statements of the Bank were ratified in the meeting. The profit before tax for the Bank was NT$13.616 billion, marking a moderate growth of 0.21% from the previous year. The profit after tax was NT$11.748 billion, being 1.26% less than the previous year. The EPS (after tax) was NT$2.89, which was slightly lower than the NT$2.92 of the previous year. The shareholders' meeting also approved 2016 cash dividend at NT$1.5 per share. The dividend yield is estimated at around 5% based on the latest closing price.

It was also resolved in this annual shareholders' meeting that the Chairman, where appropriate, may apply to the TWSE for a public-listing stock. It was resolved at the same time that, once the public-listing is approved, SCSB shall issue 22.5 million new shares through a cash capital increase to support the public underwriting before the official listing of the shares. Apart from the 2.5 million shares reserved for subscription by employees, the other 20 million shares shall be offered for public underwriting since the existing shareholders have given up the pre-emptive rights for subscription.

Mr. Alex Lin, spokesperson & Executive Vice President, indicated that, in 2017, SCSB will concentrate on building up the momentum for its credit business. Special attention will be paid to the industries under the "5+2 Industrial Innovation Plan", including the SME's, Asia Silicon Valley, biomedical, green energy, smart machinery, aerospace and defense, high-value agriculture and circular economics. Furthermore, the Bank will also support the government's "New Southern Policy" and actively provide supports to the overseas Taiwanese enterprises by optimizing the Overseas Credit Guarantee Fund. It will, in the meantime, evaluate the opportunities for acquiring, investing in, or establishing financial institutions in the Southeastern Asian countries. On the other hand, SCSB has been very competitive in the market in developing digital financial services. Besides its continuous efforts in perfecting Internet and mobile banking services, SCSB has also been diligently establishing new smart branches. Three more smart branches will be open before the end of June this year, including Lung Shang Branch in Taipei, Yuan Lin Branch and Erh Chung Branch. Another three new branches will be operating before the end of September.

In 2017, SCSB will be devoted to enhancing its internal management system, particularly risk management, compliance, anti-money laundering (AML), countering terrorism financing (CFT) and information security. In terms of compliance, in addition to appointing full-time compliance officers in its three overseas branches, SCSB also took the initiative to arrange designated employees as the "internal control and compliance officers" for its domestic business units since March, 2017. With respect to AML/CFT, SCSB has also set up the "AML & CFT Center" in January, 2017, which is supervised by the Compliance and Legal Department in its headquarters. To strengthen information security planning and management, SCSB will also establish a designated "Information Security Office" in July 2017 under the supervision of its Information Technology General Department.

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