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Cathay Financial Group looks to future on 50th anniversary

TAIPEI--Cathay Financial Group, one of Taiwan's largest financial service providers, celebrated its 50th anniversary on Saturday, and said that while it has been undergoing organizational restructuring, it aims to continue providing quality services.

“We want to keep pace with the times and make our customers the first priority, so we will continue making organizational changes,” said Tsai Hong-tu, chairman of Cathay Financial Holding Co., on the sidelines of a celebration ceremony in Taipei.

Consulting experts outside the company for advice, the group launched a three-year project in May aimed at strengthening its internal communications and operation procedures to keep its competitiveness, he said.

Asked what changes have been and will be made, Tsai declined to provide further details, saying only “these are our internal issues.”

The company will also review its investment planning strategies, the chairman said, adding that emerging markets such as Vietnam and Cambodia will definitely be one of its main targets.

“We will do what we should do in both domestic and foreign markets to make the company grow,” he vowed.

Vice President Wu Den-yih, who also attended the ceremony, congratulated the company and expressed his wish that the company can be not only a successful business but also a happy one.

Taiwan's Cloud Dance Theatre, which the company has been sponsoring for 17 years, performed at the ceremony that was attended by many dignitaries, officials and company representatives, including former Vice President Vincent Siew, Kuomintang Honorary Chairman Lien Chan, Economics Minister Shih Yen-shiang and Interior Minister Lee Hong-yuan.

Established in 1962, Cathay Life Insurance Co., the predecessor of the group, started out with only 13 employees, but the group now employs over 40,000 people, serves 12 million customers and has total assets of over NT$5 trillion (US$170.56 billion), according to the company. President Ma Ying-jeou also sent congratulatory messages.

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From back row left, Kuomintang Honorary Chairman Lien Chan, Cathay Financial Holding Co. Chairman Tsai Hong-tu, Vice President Wu Den-yih and former Vice President Vincent Siew pose for photos at the Cathay Financial Group's 50th anniversary celebration ceremony in Taipei, yesterday.

(CNA)

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