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Stock No: 5854 ANNUAL REPORT 2009 TAIWAN COOPERATIVE Proactive • Agile • Innovative BANK SINCE 1946 77, KUANCHIEN ROAD, TAIPEI TAIWAN TAIWAN, REPUBLIC OF CHINA COOPERATIVE TEL: +886-2-2311-8811 FAX: +886-2-2389-0704 BANK http://www.tcb-bank.com.tw WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 Contents 03 Letter to Shareholders 08 Financial Highlights 10 Organization Chart & Bank's Subsidiaries Chart 12 Board of Directors & Supervisors & Executive Officers 14 Bank Profile 15 Main Business Plans for 2010 17 Market Analysis 21 Risk Management 26 Statement of Internal Control 27 Supervisors' Report 28 Financial Statements 38 Consolidated Financial Statements 48 Designated Foreign Exchange Banks 54 Head Office & Overseas Units & Subsidiaries WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 TAIWAN COOPEERATIVE BANK Since 1946 2 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 TAIWAN 2009 ANNUAL REPORT COOPEERATIVE BANK Letter to Shareholders In the aftermath of financial tsunami, global major countries remained stuck in an economic recession in the fi rst half year of 2009 which resulted in the shrinkage of foreign trade volume and the continuous increase in unemployment rate. As for Taiwan’s economic situation, in terms of the decline in exports and rising unemployment rate, the Central Bank cut discount rate successively to a record low of 1.25% in Jan. and Feb. 2009. However, thanks to a continual recovery of global economy, some economic indicators, such as the import and export growth, industrial production, and private consumption expenditure, have been improved and turned up gradually to the level before the fi nancial tsunami happened. According to the forecast announced in Feb.2010 by the Directorate-General of Budget, Accounting and Statistics (DGBAS), the economic growth rate is -1.87% in 2009. Even the external environment was severe in 2009, Taiwan Cooperative Bank (hereinafter referred to as TCB) still delivered outstanding operating performance based on the solid business foundation and hard-working employees, and therefore generated a pre-tax profi t of NT$ 8.578 billion and after-tax EPS of NT$ 1.28, outperforming most of peer banks in Taiwan. Besides, TCB keeps occupying leading positions in both deposit and loan businesses in Taiwan banking industry. Furthermore, in the end of Dec. 2009, the non-performing loan (NPL) ratio was 1.43%, a slight drop of 0.09% compared with 1.52% of last year; and the coverage ratio was 65.78%, a huge increase of 8.28% compared with 57.50% of last year. Both fi gures refl ected the apparent enhancement of TCB’s asset quality. Looking forward to 2010, TCB believes the development of banking business will benefit from the ongoing global economic recovery; however, the unemployment rate stays at a high level, the fiscal deficit deteriorates among US, Japan and Euro zone countries, and sustainability of global economic recovery still remains uncertain. Moreover, after the “Memorandum of Understanding (MOU) on Cross-Strait Financial Supervision” became effective, the development of domestic banking industry, as a result of facing both opportunity and challenge, has reached a brand new milestone. In addition to the planned capital increase to 2 3 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 strengthen TCB’s business per se, TCB will devote itself to cultivating client relationship, reducing cost, and enhancing risk control for the sake of bolstering TCB’s operational foundation in Taiwan. By means of the establishment of BNP Paribas Assurance TCB Life Insurance Company and through more than 300 branches in Taiwan, TCB can offer its integrated banking services and assorted fi nancial products to TCB’s clients and boost the synergy stemmed from cross-selling operations. Besides, TCB aims to set up a branch in Sydney Australia so as to extend its overseas network and increase the proportion of profi t contribution from overseas markets. With respect to the strategy on developing China’s market, TCB will adopt a reliable and appropriate conservative principle to grasp new opportunities derived from the opening up of cross-strait fi nancial sector. Last but not least, TCB will endeavor to create remarkable business performance and mold itself into a top-tier bank in the Asia- Pacifi c Region in a bid to repay the support and encouragement from all TCB’s shareholders. Major Achievements in 2009 TCB won fi rst-place in “the Forth Program to Encourage Lending by Domestic Banks to Small and Medium Enterprises” ( appraisal period: Jul. 01, 2008 ~ Dec. 31, 2009), which was implemented by Financial Supervisory Commission (FSC). TCB successfully issued 5.5-year subordinated fi nancial debentures for a total amount of NT$ 8.1 billion for the sake of elevating the Capital Adequacy Ratio (CAR). TCB obtained the approval of co-current operation of securities investment consulting business from Financial Supervisory Commission (FSC) in Jul. 2009. TCB set up Danfong Branch in Taipei County, transformed Jiankang Mini Branch to Jiankang Branch in Taipei City, and closed Guangwu Mini Branch and Magong Branch. Also, TCB moved Dongtoufen Branch in MiaoLi County and Songbei Branch in Taipei City, and changed both name to Jhunan Branch and Nanmen Branch respectively. TCB completed setting up seven appointed foreign-exchange branches (eg. Jhongsin Branch) and another seven appointed mini foreign-exchange branches (eg. Lujhu Branch). TCB inaugurated purchasing and selling Renminbi Bills business in 119 business units. (In the end of Dec. 2009, there were 277 TCB branches engaging in purchasing and selling Renminbi Bills business) TCB’s Hong Kong Branch inaugurated “online banking searching service”, “wealth management business” and “online banking – deposit transaction searching service for OBU account” to offer diverse wealth management services as well as convenient and sound E-banking services to Cross- Strait Tri-Regional clients. Also, Hong Kong Branch has received the permission from Financial Supervisory Commission (FSC) to engage in the Renminbi business. TCB joined in Factors Chain International (FCI Network), whose business region covers over 20 countries, to tightly meet the business demand of clients. 4 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 TAIWAN 2009 ANNUAL REPORT COOPEERATIVE BANK TCB increased the number of wealth management fl agship branches to 7 and grew the number of exclusive wealth management zone to 264, burnishing its professional wealth management image. TCB promoted its Wealth Management Infinite Card, Home-loan Platinum Credit Card, and Business Card in order to attract high-quality customers. Besides, regarding Government Internet Purchasing Card, TCB achieved an outstanding result in the payment amount which was ranked No.1 in Taiwan Market. TCB engaged in the out-of-court pre-negotiation mechanism under the Consumer Debt Resolution ACT. TCB stepped into consumer loan businesses of “NT$ 200 Billion Special Preferential Housing Loan Program appropriated by Ministry of Interior” and “Winner Personal Consolidated Loan”. Operating Performance in 2009 Net interest income: NT$ 22,659,445,000. Net non-interest income: NT$ 9,432,487,000. Bad-debt expense: NT$ 5,229,495,000. Operating expense: NT$ 18,284,546,000. Earnings before income tax: NT$ 8,577,891,000. Net income: NT$ 6,874,992,000. Basic earnings per share: NT$ 1.28. Diluted earnings per share: NT$ 1.27. President 4 5 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 Teng-Cheng Liu , Chairperson；Chiu-Jung Tsai , President (front: from left to right) Thomas K.T. Ho , E.V.P. & General Auditor；Wen-Long Lin , E.V.P.；Chung-Dea Hsieh, E.V.P.； John S.C. Chou, E.V.P.；Chen-Yuan Tu, E.V.P.；Hong-Chen Lin, E.V.P. (from left to right) 6 WorldReginfo - 2040f581-70d6-42ee-8c9c-7af3d02b8636 TAIWAN 2009 ANNUAL REPORT COOPEERATIVE BANK Operating Strategies for 2010 Continue to expand demand deposits so as to improve deposit structure and lower funding cost effectively. Embrace “quantity equals quality” principle to develop credit business, strive for acting as the Mandated Lead Arranger in domestic and international syndicated loans, and control loan asset quality effectively. Build up overseas branches vigorously and speed up establishing branches in China so as to increase the proportion of overseas revenue and move forward to become an Asian regional fi nancial institution. Accelerate the establishment of subsidiaries in life insurance, security investment trust business, and securities, strengthen customized products so as to expand the wealth management business and boost the proportion of non-interest income. Reinforce the IT system and equipment, intensify the technique of risk control, and strengthen bank-wide risk discipline as well as safety management so as to promote business performance and asset quality. Fortify talent recruitment and incubation so as to meet the challenges of international banking industry in the gradually complicated and fi ercely competitive environment. Carry through the implementation and management of budget targets, follow out the cost allocation system continuously, and make flexible use of treasury management strategies so as to upgrade overall business performance. Business Targets for 2010 Deposits: NT$ 2,017 billion (not including interbank deposits) Loans: NT$ 1,869.65 billion Foreign Exchange Transactions: USD 78 billion Investment: NT$ 378.8 billion Trust Business: NT$ 120 billion with custodial banking
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    上海分行 SHANGHAI BRANCH 上海自貿試驗區支行 SHANGHAI PILOT FREE TRADE ZONE SUB-BRANCH 幣別 存匯銀行 SWIFT CODE USD THE BANK OF NEW YORK MELLON in NEW YORK IRVTUS3N USD BANK OF AMERICA, N.A. BOFAUS3N USD DEUTSCHE BANK BKTRUS33 USD JPMORGAN CHASE BANK, N.A CHASUS33 HKD FIRST COMMERCIAL BANK, HONG KONG BRANCH FCBKHKHH EUR FIRST COMMERCIAL BANK,LONDON FCBKGB2L JPY SUMITOMO MITSUI BANKING CORPORATION SMBCJPJT 通匯銀行 SWIFT CODE BANK OF BEIJING BJCNCNBJ BANK OF CHINA BKCHCNBJ BANK OF CHINA LIMITED TAIPEI BRANCH BKCHTWTP BANK OF NINGBO BKNBCN2N DEUTSCHE BANK TRUST COMPANY AMERICAS BKTRUS33 BANK OF TAIWAN, GUANGZHOU BRANCH BKTWCN22 BANK OF TAIWAN SHANGHAI BRANCH BKTWCNSH BANK OF TAIWAN BKTWTWTP BNP PARIBAS (CHINA) LTD BNPACNSH BANK OF AMERICA, N.A. SYDNEY BOFAAUSX BANK OF AMERICA, N.A. ANTWERP BOFABE3X BANK OF AMERICA, NATIONAL ASSOCIATION, CANADA BRANCHBOFACATT BANK OF AMERICA, N.A. SHANGHAI BOFACN3X BANK OF AMERICA, N.A. (GUANGZHOU BRANCH) BOFACN4X BANK OF AMERICA, N.A. BOFADEFX BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED BOFAES2X BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED BOFAFRPP 1 / 6 通匯銀行 SWIFT CODE BANK OF AMERICA, N.A. LONDON BOFAGB22 BANK OF AMERICA, N.A. ATHENS BOFAGR2X BANK OF AMERICA, N.A. HONG KONG BOFAHKHX BANK OF AMERICA, N.A. JAKARTA BRANCH BOFAID2X BANK OF AMERICA, N.A. MUMBAI BOFAIN4X BANK OF AMERICA, N.A. BOFAIT2X BANK OF AMERICA, TOKYO BOFAJPJX BANK OF AMERICA, N.A. SEOUL BRANCH BOFAKR2X BANK OF AMERICA, MALAYSIA BERHAD BOFAMY2X BANK OF AMERICA, N.A. AMSTERDAM BOFANLNX BANK OF AMERICA, N.A. MANILA BOFAPH2X BANK OF AMERICA, N.A. SINGAPORE BOFASG2X BANK OF AMERICA (SINGAPORE) LTD.
  • Taipei,China's Banking Problems: Lessons from the Japanese Experience

    Taipei,China's Banking Problems: Lessons from the Japanese Experience

    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Montgomery, Heather Working Paper Taipei,China's Banking Problems: Lessons from the Japanese Experience ADBI Research Paper Series, No. 42 Provided in Cooperation with: Asian Development Bank Institute (ADBI), Tokyo Suggested Citation: Montgomery, Heather (2002) : Taipei,China's Banking Problems: Lessons from the Japanese Experience, ADBI Research Paper Series, No. 42, Asian Development Bank Institute (ADBI), Tokyo, http://hdl.handle.net/11540/4148 This Version is available at: http://hdl.handle.net/10419/111142 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/3.0/igo/ www.econstor.eu ADB INSTITUTE RESEARCH PAPER 42 Taipei,China’s Banking Problems: Lessons from the Japanese Experience Heather Montgomery September 2002 Over the past decade, the health of the banking sector in Taipei,China has been in decline.