Bank of Taiwan
Encyclopedia
The Bank of Taiwan is a bank
headquartered in Taipei, Republic of China
(Taiwan
). It is administered and owned by the Executive Yuan
of the Republic of China
.
's central bank
in 1899 by Taiwan's Japanese government
. The bank's creation was authorized in 1897 by the Bank Act of Taiwan which encouraged Japanese enterprises, such as the Mitsubishi
and Mitsui
Groups, to invest in Taiwan. Extensive cooperation ensued between the Nippon Kangyo Bank
and the Bank of Taiwan. A financial crisis facing these banks in 1927 was relieved with assistance from the Bank of Japan
. Bank branches were created in other parts of Asia
as the empire
expanded, including areas in China
and Southeast Asia
.
After the Japanese surrender in 1945, the ROC government took over the Bank of Taiwan and began issuing Taiwan dollars, also known as Taiwan Nationalist Yuan, through the Bank of Taiwan. This currency is now referred to as the "old Taiwan dollar
." Severe deflation of this currency during the Chinese Civil War
led the Bank of Taiwan to issue the New Taiwan Dollar
in 1949. After the loss of mainland China
in the Chinese Civil War
by the Kuomintang
and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the central bank
of the ROC until the Central Bank of China
was reestablished in 1961. The Bank of Taiwan was governed under the Taiwan Provincial Government until 1998 when governance was transferred to the ROC Finance Ministry. In 2001 the Central Bank of China
took over the task of issuing the New Taiwan Dollar.
The Bank of Taiwan currently operates a total of 169 domestic branches as well as branches in Tokyo
, Singapore
, Hong Kong
and the People's Republic of China
. Branches have also been established in New York City
, Los Angeles
, London
, and South Africa
.
In July 2007, the Bank of Taiwan merged with the Central Trust of China (中央信託局) as part of a government financial reform package. The bank continues to operate as an independent company taking over some aspects of the Trust's banking business. In January 2008, the Bank became part of the Taiwan Financial Holding Group (臺灣金融控股公司), which also contains the Land Bank of Taiwan
, The Taipei Export-Import Bank of China
, BankTaiwan Securities and BankTaiwan Life Insurance.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in Taipei, Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
(Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
). It is administered and owned by the Executive Yuan
Executive Yuan
The Executive Yuan is the executive branch of the government of the Republic of China , commonly known as "Taiwan".-Organization and structure:...
of the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
.
History
The Bank of Taiwan was established as TaiwanTaiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
's central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
in 1899 by Taiwan's Japanese government
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
. The bank's creation was authorized in 1897 by the Bank Act of Taiwan which encouraged Japanese enterprises, such as the Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
and Mitsui
Mitsui
is one of the largest corporate conglomerates in Japan and one of the largest publicly traded companies in the world.-History:Founded by Mitsui Takatoshi , who was the fourth son of a shopkeeper in Matsusaka, in what is now today's Mie prefecture...
Groups, to invest in Taiwan. Extensive cooperation ensued between the Nippon Kangyo Bank
Dai-Ichi Kangyo Bank
The , abbreviated as , was one of the largest banks in the world during the latter half of the 20th century. It combined with Fuji Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group....
and the Bank of Taiwan. A financial crisis facing these banks in 1927 was relieved with assistance from the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
. Bank branches were created in other parts of Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
as the empire
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
expanded, including areas in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Southeast Asia
Southeast Asia
Southeast Asia, South-East Asia, South East Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia. The region lies on the intersection of geological plates, with heavy seismic...
.
After the Japanese surrender in 1945, the ROC government took over the Bank of Taiwan and began issuing Taiwan dollars, also known as Taiwan Nationalist Yuan, through the Bank of Taiwan. This currency is now referred to as the "old Taiwan dollar
Old Taiwan dollar
The Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History:...
." Severe deflation of this currency during the Chinese Civil War
Chinese Civil War
The Chinese Civil War was a civil war fought between the Kuomintang , the governing party of the Republic of China, and the Communist Party of China , for the control of China which eventually led to China's division into two Chinas, Republic of China and People's Republic of...
led the Bank of Taiwan to issue the New Taiwan Dollar
New Taiwan dollar
The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
in 1949. After the loss of mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
in the Chinese Civil War
Chinese Civil War
The Chinese Civil War was a civil war fought between the Kuomintang , the governing party of the Republic of China, and the Communist Party of China , for the control of China which eventually led to China's division into two Chinas, Republic of China and People's Republic of...
by the Kuomintang
Kuomintang
The Kuomintang of China , sometimes romanized as Guomindang via the Pinyin transcription system or GMD for short, and translated as the Chinese Nationalist Party is a founding and ruling political party of the Republic of China . Its guiding ideology is the Three Principles of the People, espoused...
and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the ROC until the Central Bank of China
Central Bank of China
The Central Bank of the Republic of China , known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China . Its legal and common name in Chinese is literally translated as the "Central Bank"...
was reestablished in 1961. The Bank of Taiwan was governed under the Taiwan Provincial Government until 1998 when governance was transferred to the ROC Finance Ministry. In 2001 the Central Bank of China
Central Bank of China
The Central Bank of the Republic of China , known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China . Its legal and common name in Chinese is literally translated as the "Central Bank"...
took over the task of issuing the New Taiwan Dollar.
The Bank of Taiwan currently operates a total of 169 domestic branches as well as branches in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and the People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. Branches have also been established in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
.
In July 2007, the Bank of Taiwan merged with the Central Trust of China (中央信託局) as part of a government financial reform package. The bank continues to operate as an independent company taking over some aspects of the Trust's banking business. In January 2008, the Bank became part of the Taiwan Financial Holding Group (臺灣金融控股公司), which also contains the Land Bank of Taiwan
Land Bank of Taiwan
Land Bank of Taiwan is a wholly state-owned bank of the Republic of China .It was owned by the Taiwan Provincial Government before its downsizing on December 21, 1998, when it was transferred to the jurisdiction of the Executive Yuan....
, The Taipei Export-Import Bank of China
Taipei Export-Import Bank of China
The Export-Import Bank of China of Taipei is a state owned enterprise of the Republic of China on Taiwan. It primarily offers credit insurance for foreign investment originating in Taiwan. The company also insures against political risk such as nationalization, breach of contract, social unrest or...
, BankTaiwan Securities and BankTaiwan Life Insurance.
Corporate Structure
- The Bank of Taiwan currently consists of thirteen departments of businesses:
- Planning
- Circulation
- Business
- Risk Management
- Wealth Management
- Corporate Finance
- Credit Management
- Public Treasury
- International Banking
- Trusts
- Consumer Finance
- Treasury
- Electronic Banking
See also
- List of banks in Taiwan
- Republic of ChinaRepublic of ChinaThe Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
- Economy of TaiwanEconomy of TaiwanTaiwan has a developed capitalist economy that ranks as the 19th largest in the world by Purchasing power parity and 24th in nominal GDP of investment and foreign trade by the Republic of China government which governs Taiwan. In keeping with this trend, most large government-owned banks and...
- List of companies of Taiwan
- Taiwan yenTaiwan yenThe yen was the currency of Taiwan, between 1895 and 1946. It was on a par with and circulated alongside the Japanese yen. The yen was subdivided into 100 sen .-History:...
- Old Taiwan dollarOld Taiwan dollarThe Old Taiwan dollar , sometimes called Old Taiwan yuan, was the currency of Taiwan, Republic of China from 1946 to 1949. It was issued by the Bank of Taiwan.-History:...