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After local success, E. Sun Financial eyes expansion into Asia: president

TAIPEI--E. Sun Financial Holding Co. is targeting other Asian markets, planning to take advantage of its success in Taiwan not only to service Taiwanese investors operating there but also to penetrate the locally grown business communities in the region.

Speaking to the press Friday, E. Sun Financial President Joseph Huang said after his company completed the sale of US$105.8 million (NT$3.1 billion) in global depositary receipts (GDRs) earlier this week, its capital structure has been reinforced, a development which is expected to help the company's expansion in the region.

According to E. Sun Financial, the GDR issue is expected to boost the capital adequacy ratio (CAR) of E. Sun Commercial Bank, the flagship subsidiary of E. Sun Financial, to 12.8 percent from 12.4 percent, while the CAR for the bank's first-tier core capital is expected to rise to 9.2 percent from 8.8 percent.

Huang said E. Sun Financial has witnessed a wide range of businesses, such as financing to small- and medium-sized enterprises, mortgages, credit card issuance and wealth management, prosper in Taiwan.

He said his company is planning to use its business experiences in Taiwan to build another successful model in Asia.

In the first nine months of this year, E. Sun Financial posted about NT$5.7 billion in net profit or NT$1.18 per share, higher than NT$3.48 billion in net profit recorded for the entire 2011, on the back of rising fee income and interest income.

E. Sun Bank accounted for 93 percent of the financial holding's earnings during the nine-month period, enjoying more than 10 percent growth in fee income and interest income.

In the third quarter of this year, E. Sun Financial opened branches in Singapore and China's Dongguan, and sought approval to set up branches in Vietnam, Cambodia, and Australia, and a representative office in Myanmar.

Huang said his company is one of the local financial holdings that are gearing for overseas expansion, in particular for the step into the Asian market.

To meet fund demand for future expansion, Huang said, E. Sun Financial does not rule out the possibility of raising further funds in the future after the GDR sale.

He said his company is also seeking any chances for acquisitions at home and abroad to boost its size for future growth.

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