Fitch also noted that Citibank Taiwan displays enhanced profitability, solid capitalisation and reasonable risk management after the tie-up of Bank of Overseas Chinese
(BOOC) and Citibank Taiwan Branch in 2009.
Foreign banks in Taiwan with both branches and subsidiaries include Standard Chartered Bank (merged with Hsinchu International Bank in 2007), Citibank (merged with Bank of Overseas Chinese
in 2007), Hongkong and Shanghai Banking Corp.
Citibank Taiwan Limited (NYSE: C) has said that it expects its pre-tax profit in 2010 to increase from 2009 due to the improving economy and its integration of Bank of Overseas Chinese
, which was completed in August, Dow Jones has reported citing president Victor Kuan.
Citigroup has set up a wholly-owned entity, Citibank Taiwan Ltd., to take over Bank of Overseas Chinese
's rights and obligations.
Citigroup was also reported to be in talks with the Bank of Overseas Chinese
about buying a stake in the Taiwanese financial institution.* Research in Motion said Jim Balsillie was resigning as chairman of the technology company.
Taiwan's Bank of Overseas Chinese opened its first overseas subsidiary in Hong Kong on Wednesday, in line with its plan to tap the Asian market as it recovers from the region's financial turmoil.
The Bank of Overseas Chinese is the first civilian-run commercial bank and one of the top foreign exchange deposit-taking banks in Taiwan.
The transformation into an indigenous bank is complicated by Citibank Taiwan's continuing effort to complete the absorption of the Bank of Overseas Chinese
into its operation, which began with the acquisition of the latter in 2007.
The company's major structured investment exposures include Industrial Bank of Taiwan collateralized bond obligation 2005-1 and Polaris Securities and Bank of Overseas Chinese