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Economy to rebound in H2: Taishin

Taiwan's economy may rebound in the second half as global financial turmoil has eased slightly, said Wu Tung-liang, chairman of Taishin Financial Holding, yesterday.

During the company's shareholders' meeting, Wu said the crisis in Greece has been resolved at least temporarily; the United States is showing steady growth, even though its strength has not been powerful; and China is expected to experience a rebound on various stimulus measures such as a reduction in banks' required reserves ratio.

The company's future stock performance will hinge on the attitude of foreign investors, who are still concerned about the relationship between Taishin and affiliate firm Chang Hwa Bank, Wu said.

He also discussed Taishin's operations in China, where a branch has been set up by Chang Hwa Bank in Kunshan, Jiangsu province. Taishin itself meanwhile established a leasing company in Nanjing last year. The financial holding will inaugurate a leasing firm in Tianjin on July 5 and is planning leasing operations in Shenzhen and Shanghai.

As for its overseas operations, Taishin Bank has received regulatory approval from the Financial Supervisory Commission to set up branches in Vietnam, Australia and Singapore, and is still waiting for approval from those countries.

Shareholders meanwhile recognized Taishin Financial's financial results last year, during which it had net profit of NT$9.432 billion and earnings per share of NT$1.26, of which NT$1.119 will be distributed as dividends.

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