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ANNUAL REPORT 2018 Contents Prologue ANNUAL REPORT 2018 Contents Prologue SinoPac Financial Holdings Company Limited was established 02 Message to Shareholders on May 9th, 2002 (Stock Code: 2890), consisting of subsidiaries in a wide range of financial services including banking, securities, investment trusts, insurance broking, leasing, and venture capital. The Company includes a global 188 service network with locations in Hong Kong, Macau, Nanjing, 06 Financial Overview Shanghai, Guangzhou, Chongqing, Tianjin, Dongguan, Kunshan, Branches Xiamen, Vietnam, Thailand, Myanmar, Los Angeles, and London. SinoPac Holdings was established when Bank SinoPac and 08 Awards and Accolades National Securities merged, creating the first successful integration between a banking institution and a securities firm in the history of Taiwan's financial services industry. At its shareholders' meeting held on August 26, 2005, Sinopac Holdings approved a share swap transaction with the 12 Corporate Profile International Bank of Taipei to make the latter a wholly owned subsidiary, a move meant to strengthen the Company's 15 international competitiveness and expand its business scope. On July 20, 2006, SinoPac Holdings changed its Chinese 20 Performance of Major Subsidiaries in 2018 Overseas Offices name to Yong Fong Holdings. Bank SinoPac and International Bank of Taipei completed its merger that same year, with the former as the surviving entity. 22 SinoPac Holdings Five Major Themes for 2019 Bank SinoPac consists of 125 branches, plus its subsidiary, Bank SinoPac (China), in Nanjing which was inaugurated in February 2014, the first wholly-owned subsidiary of a Taiwanese bank in mainland China. 24 Risk Management SinoPac Securities is the first securities firm listing on Taiwan’s TPEx. In September 2016, SinoPac Securities 29 accepted the transfer of IBT Securities' brokerage business, Subsidiaries business equipment, and the net assets of its margin trading 26 Information Security Management and short selling accounts, providing a catalyst to improve SinoPac Securities' brokerage market share and profitability for the benefit of its shareholders. Looking towards the future, SinoPac Holdings shall continue 28 Our Employees to reinvent and innovate the business, strengthen compliance and risk management, and under strict risk controls fulfill customer requirements and develop appropriate products per market demand, expand the scale of our “digital finance” 30 Sustainability Achievements offerings, provide specialty products and services, and 8,796 respond to changing economic trends and optimize asset allocation to create sustainable and stable profitability. Employees SinoPac Holdings upholds the vision of “Fulfillment a beautiful life through finance”, and places great emphasis on human 39 Condensed Financial Statements values, professionalism, and principles of good faith as well as provide our customers overall financial solutions. Printed on : May 1, 2019 1 Fulfillment of a Beautiful Life Through Finance www.sinopac.com Message to Shareholders In terms of Strategic Leadership, SinoPac Holdings built a specialized, lean decision-making organization after restructuring. SinoPac Holdings also accelerated our transformation in digital finance by establishing the Digital & Technology Division and the Information Security Committee, which are responsible for information infrastructure, increasing the number of mobile payment service providers, and deepening industry-academia collaboration. As for our overseas businesses, Bank SinoPac (China), the flagship bank for SinoPac Holdings in mainland China, has established its headquarters in Nanjing, its Shanghai Branch on the Yangtze River Delta, and its Guangzhou Branch on the Pearl River Delta; it has also proposed opening a branch in Chengdu. With the operations of Bank SinoPac (China) and SinoPac Leasing spanning eastern, northern, southern, and southwestern China, SinoPac Holdings has achieved significant results in cross-border financial services. In the ASEAN region, Bank SinoPac first opened the Ho Chi Minh City Branch in Vietnam, followed by SinoPac Leasing representative offices in Thailand and Myanmar. At the same time, we have been expanding our collaboration with local financial industries to extend our business presence and create business opportunities in neighboring markets such as Cambodia. In terms of Realization of Synergy, SinoPac Holdings integrated group resources and established a designated team in charge of facilitating cross-selling among SinoPac Holdings and its subsidiaries. In response to our business development, SinoPac Holdings prudently reviewed the efficiency of capital allocation and continuously conducted mergers and acquisitions of subsidiaries to improve the use of capital. The number of subsidiaries was reduced from 33 at the end of 2017 to 29 at the end of 2018. Business Strategies and Performance of Major Subsidiaries Bank SinoPac is committed to putting customers first and to providing innovative products and services. Our goal is to expand the depth and breadth of business dealings with customers and to grow our business scale with proper risk management. Bank SinoPac boasted a consolidated net income of NT$9.674 billion, EPS after tax of NT$1.12, and ROE of 7.60% in 2018. Regarding the scale of business, at the end of 2018, Bank SinoPac's consolidated assets totaled NT$1,485.3 billion, an increase of NT$52.1 billion from the previous year. Deposits totaled NT$1,195.1 billion and loans totaled NT$932.6 billion, increases of 3.62% and 6.13%, respectively, from the end of the previous year. The loan-to-deposit ratio was 78.04%, an increase of 1.84% from the end of the previous year. In terms of wealth management, Bank Chairman / ONG Wen-Chyi SinoPac worked actively to develop a customer-oriented business model, to obtain an in-depth understanding of client needs and risk tolerance, and to offer asset allocation services that paid equal attention to risks and returns. Bank SinoPac has actively participated in multiple financial transactions in financial markets across Taiwan and Asia. We have established comprehensive platforms for FX, interest Fulfillment of a Beautiful Life Through Finance rates, fixed income, and derivatives, making it one of the key market makers among domestic banks. In August 2018, the Financial Supervisory Commission (FSC) approved Bank SinoPac’s Offshore Banking Unit (OBU) for bond underwriting and bond trading, allowing 2018 Economic and Market Retrospective Bank SinoPac to provide more comprehensive financial products and services. After the global economy's revival in 2017, the outlook for the global economy and for financing needs was generally positive at the SinoPac Securities continues to develop our wealth management business, taking clear steps toward building a fintech securities firm beginning of 2018. However, financial market conditions soon changed in response to the dynamic macro environment. First, the U.S. featuring wealth management services. In 2018, we launched an investment consulting service through Line@ to provide AI-based wealth confronted monetary policy normalization as the U.S. Fed continuously hiked rates, restricting the momentum of economic growth. Second, management. An industry-leading wealth management website was also established in conjunction with Reuters to integrate the offer U.S. tax cuts led to cross-border capital flows and a corresponding increase in the volatility of global financial markets. Third, growing prices of Taiwanese stocks, options, and overseas stocks, creating a digital environment centered on customer experience. With innovative trade protectionism occurred after U.S. President Donald Trump provoked tensions with major trading partners including China, Germany, strategies and comprehensive professional services, SinoPac Securities added new sources of income and outperformed our peers with Canada, and Mexico, in response to negative trade balances. This slowed the growth of global trade and caused uncertainty in the regard to many business indicators. In 2018, SinoPac Securities posted a consolidated net income after tax of NT$467 million, EPS after tax industrial chain, thereby sideling corporate investment. In addition to this, the political turmoil caused by Brexit induced the G7 countries to of NT$0.29, and ROE of 1.80%. In terms of market share, SinoPac Securities maintained the ranking for our core brokerage business and tighten monetary policy, which resulted in the common challenge of a worldwide economic slowdown. advanced the sub-brokerage business market share to second place. Assets under management (AUM) surged 34% YoY to NT$13.7 billion, With regard to Taiwan's economy, the results from the first and second quarters of 2018 were favorable, posting growth rates of 3% or above. making SinoPac Securities the market leader in terms of growth. However, in the third quarter, exports slowed and the trade balance decreased month over month. Coupled with the uncertainty of the global economy and of financial markets, this affected consumer confidence and further restricted domestic demand growth. The growth rate Strong Capital Structure and Record-High Credit Ratings throughout 2018 was estimated at 2.63%, according to the Directorate General of Budget, Accounting, and Statistics of the Executive Yuan. SinoPac Holdings had a stable capital adequacy ratio (CAR), which reached 123.63% at the end of 2018. Bank SinoPac maintained a high CAR, while the consolidated CAR reached 14.44% at the end of 2018. With stringent control over
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