Chinatrust Commercial Bank
Encyclopedia
Chinatrust Commercial Bank Limited or CTCB is one of the largest private bank
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:...

s in 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 controlled by the family of Koo Chen-fu
Koo Chen-fu
Koo Chen-fu , was a Taiwanese businessman and diplomat. He led the Koos Group of companies from 1940 until his death. As a chairman of the Straits Exchange Foundation , Koo arranged the first direct talks between Taiwan and China since 1949 and served as Taiwan's negotiator in both the 1993 and...

.

History

It was established in 1966 under the name China Securities and Investment Corporation. In 1971, its name was changed to Chinatrust Investment Company Limited. In 1992, it was transformed into Chinatrust Commercial Bank.

Up until 2009, the chairman of the company was Luo Lian-fu. He was succeeded in July 2009 by Michael (Mike) Bernard DeNoma, the first foreigner to take up the role.

The bank has subsidiaries in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...

, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

, and Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...

, foreign branch offices
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....

 in 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...

, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...

, and Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...

, and foreign representative office
Representative office
A representative office is an office established by a company to conduct marketing and other non-transactional operations, generally in a foreign country where a branch office or subsidiary is not warranted. Representative offices are generally easier to establish than a branch or subsidiary, as...

s in London, Bangkok, Hanoi, Beijing, Manila, and Los Angeles.

Philippine subsidiary

Chinatrust Philippines Commercial Bank Corp. is a subsidiary of Chinatrust Commercial Bank Corp. of Taiwan. It is listed on the Philippine Stock Exchange
Philippine Stock Exchange
The Philippine Stock Exchange is the national stock exchange of the Philippines. It is one of the oldest stock exchanges in Southeast Asia, having been in continuous operation since its inception in 1927...

, but the majority of shares are held by Chinatrust Taiwan. In November 2000, Chinatrust Taiwan agreed to 63,526,127 shares of Chinatrust Philippines at P19 per share from a group of shareholders led by then-President William Go, increasing its shareholding from 57.5% to 91%. However, there was some uncertainty surrounding this transaction, as with a public float
Public float
The float of a company whose stock is publicly traded has different default meanings depending on the presumed context.Without a qualifier it may refer to the entire market capitalization of the company or only its publicly traded equity....

 of less than 10% of shares outstanding, Chinatrust Philippines would have to be delisted. In the end, Chinatrust Philippines was able to remain listed by declaring its intention to issue more shares through a secondary market offering
Secondary Market Offering
A secondary market offering, according to the U.S. Financial Industry Regulatory Authority , is a registered offering of a large block of a security that has been previously issued to the public. The blocks being offered may have been held by large investors or institutions, and proceeds of the...

, and paying fines to the exchange in the meantime.

, Chinatrust Philippines' president is Mark Chen. Its 23 branches give it one of the most extensive branch networks among foreign-owned banks in the Philippines.

United States subsidiary

Chinatrust Bank (U.S.A.) was one of the first Asian American banks to operate both in the Eastern and Western United States. Services provided include issuance of letters of credit
Letter of credit
A standard, commercial letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking....

 as well as real estate and construction loan
Construction loan
In the broadest sense of the term, a Construction Loan is any loan where the proceeds are used to finance construction of some kind. In the United States Financial Services industry however, the term is used to describe a genre of loans designed for construction and containing features such as...

s. It has branches in:
  • Southern California: City of Industry, Irvine, Monterey Park, San Gabriel, San Marino, Torrance (Head Office), Rowland Heights
  • Northern California: Cupertino, Milpitas
  • New Jersey: Edison
  • New York: Brooklyn, Flushing

External links

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