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Web-only banks' losses continue to mount: FSC data

Bringing Taiwan to the World and the World to Taiwan ....

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Line Bank's client base hits 1.1m - Taipei Times

Web-only Line Bank Taiwan Ltd (連線商業銀行) yesterday said that its client base had reached 1.1 million people as of the end of last month, adding that it aims to expand its client base this year by offering more products and services.
Another Web-only bank, Rakuten International Commercial Bank Co (樂天國際銀行), had 840,000 clients as of the end of last year, while Next Commercial Bank Co (將來商業銀行), the nation’s third Web-only bank, began operations last month.
As Line Bank is to enter its second year of operations, it would no longer prioritize obtaining new clients, but would focus on serving and retaining them, ....

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Web-only Next Bank starts operations

Next Bank (將來銀行) commenced operations yesterday, becoming the nation’s third Web-only bank to launch services.
More than 40,000 individuals have reserved their bank account numbers on the virtual bank’s Web site since it launched the reservation service on March 7, Next Bank general manager Berlin Hsu (許柏林) said, adding that about 70 percent of them chose their own numbers.
“The popularity of the reservation service indicates that our innovation is well embraced by consumers,” Hsu said.
The bank has set a goal of attracting more than 100,000 customers in two months, more than 500,000 by the end of this year and ....

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Overseas branches of local banks post 58% annual growth

The overseas branches of local banks regained profit momentum last year with annual growth of 58 percent in their combined pretax profits, the first profit growth since the COVID-19 pandemic began on the back of reduced bad debts, the Financial Supervisory Commission said yesterday.
The combined pretax profits at overseas branches totaled NT$32.48 billion (US$1.17 billion) last year, up 58 percent from NT$20.53 billion in 2020, commission data showed.
Combined pretax profits plummeted 49 percent year-on-year in 2020 as the COVID-19 pandemic disrupted the businesses of corporate clients, causing some syndicated loans to turn sour and driving branches to recognize more non-performing ....

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IBF, EnTie merger on hold until concerns addressed

The Financial Supervisory Commission (FSC) has suspended consideration of IBF Financial Holdings Co’s (國票金控) proposal to fully acquire EnTie Commercial Bank (安泰銀行), as IBF Financial had failed to address four of the commission’s doubts about the deal, Banking Bureau Director-General Sherri Chuang (莊琇媛) said yesterday.
The four doubts regard IBF’s financial strength, its funding resources, the benefits from consolidation and job protection, Chuang said.
IBF Financial can refile its application after it fully addresses these issues, Chuang said.
“We noticed that nearly half of the company’s board of directors did not support the merger, and some lawsuits have even been filed amid disputes,” ....

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