Mega Int'l Eyes Transforming from Local into Asia's Regional Bank
2013/12/17 | By Judy LiMega International Commercial Bank, a government-linked bank in Taiwan, has ambitious plans to transform to a regional bank in Asia from a local bank in Taiwan.
Y. T. Tsai, Mega's chairman, notes that the bank plans to actively explore overseas markets, so has instructed senior managers to conduct overseas mergers and setting up subsidiaries abroad to reinforce international strength.
Tsai discloses that Mega has witnessed consecutive record highs in annual profits over the past three years, with more than half of the profits coming from overseas operations, hence his belief that it's opportune to beef up overseas operations to enhance performance.
Early in December Mega finished the first stage of capital increase by cash, which is set at NT$21.5 billion (US$716.67 million), boasting large shareholders as Cathay Financial Holding Co., CTBC Financial Holding Co., China Life Insurance Co., Nan Shan Life Insurance Co., and Pou Chen Corp.
The bank's non-performing loan (NPL) ratio is a low 0.22% and NPL coverage ratio a high 566%, with total assets of NT$2.9 trillion (US$96.67 billion), which will likely surge to NT$9 trillion (US$300 billion) in the foreseeable future. (JL)