DOCSLIB.ORG

Important Notice

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Important Notice JOBNAME: HCR1905004_E_PWoori_ PAGE: 1 SESS: 18 OUTPUT: Wed May 8 14:38:39 2019 //English/HCR/HCR1905004e_Project_Woori_Bank/00important IMPORTANT NOTICE THIS DOCUMENT IS AVAILABLE ONLY TO INVESTORS WHO ARE NON-U.S. PERSONS WITH ADDRESSES OUTSIDE OF THE U.S. IMPORTANT: You must read the following before continuing. If you are not the intended recipient of this message, please do not distribute or copy the information contained in this e-mail, but instead, delete and destroy all copies of this e-mail including all attachments. The following applies to the offering circular as supplemented by the pricing supplement (the “Offering Circular”) following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE FOLLOWING OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE RELEVANT SECURITIES. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORIZED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED THEREIN. Confirmation of your Representation: In order to be eligible to view the following Offering Circular or make an investment decision with respect to the securities, investors must be non-U.S. persons (within the meaning of Regulation S under the Securities Act) outside the United States. By accepting the e-mail and accessing the following Offering Circular, you shall be deemed to have represented to us that (1) you and any customers you represent are non-U.S. persons and that the electronic mail address that you gave us and to which this e-mail has been delivered is not located in the United States, its territories or possessions and (2) you consent to the delivery of such Offering Circular by electronic transmission. You are reminded that the following Offering Circular has been delivered to you on the basis that you are a person into whose possession the following Offering Circular may be lawfully delivered in accordance with the laws of jurisdiction in which you are located and you may not, nor are you authorized to, deliver or disclose the contents of the following Offering Circular to any other person. If this is not the case, you must return this Offering Circular to us immediately. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. The following Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently, none of Citibank Taiwan Limited, Crédit Agricole Corporate and Investment Bank, Taipei Branch, CTBC Bank Co., Ltd., Fubon Securities Co., Ltd., KGI Bank, KGI Securities Co. Ltd., Mega International Commercial Bank Co., Ltd., SG Securities (HK) Limited, Taipei Branch, SinoPac Securities Corporation, Taipei Fubon Commercial Bank Co., Ltd. nor Taishin International Bank, Co., Ltd. (collectively, the “Managers”) nor any person who controls any of them nor any director, officer, employee nor agent of any of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the hard copy version available to you on request from the Managers. Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the securities has led to the conclusion that: (i) the target market for the securities is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the securities to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the securities (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the securities (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels. This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. You should not reply by e-mail to this announcement, and you may not purchase any securities by doing so. Any reply e-mail communications, including those you generate by using the “Reply” function on your e-mail software, will be ignored or rejected. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. •• HCR1905004e_Project_Woori_Bank • 1st Proof − 02 May 2019 • 8/5 13:44 • s870 • TBC JOBNAME: HCR1905004_E_PWoori_ PAGE: 1 SESS: 24 OUTPUT: Wed May 8 14:38:39 2019 //English/HCR/HCR1905004e_Project_Woori_Bank/01cover PRICING SUPPLEMENT (incorporated with limited liability under the laws of the Republic of Korea) Issue of U.S.$450,000,000 Floating Rate Notes due 2024 under the U.S.$7,000,000,000 Global Medium Term Note Programme THE NOTES TO WHICH THIS PRICING SUPPLEMENT RELATES (THE “NOTES”) HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. THE NOTES WILL BE OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN RELIANCE ON REGULATION S. Lead Manager and Joint Bookrunner Citibank Taiwan Limited Joint Managers and Joint Bookrunners Crédit Agricole Corporate and Investment SG Securities (HK) Limited, Taipei Bank, Taipei Branch Branch Co-Managers CTBC Bank Co., Ltd. Fubon Securities Co., Ltd. KGI Bank KGI Securities Co. Ltd. Mega International Commercial Bank Co., Ltd. SinoPac Securities Corporation Taipei Fubon Commercial Bank Co., Ltd. Taishin International Bank, Co., Ltd. The date of this Pricing Supplement is 8th May, 2019 •• HCR1905004e_Project_Woori_Bank • 1st Proof − 02 May 2019 • 8/5 13:46 • s870 • TBC JOBNAME: HCR1905004_E_PWoori_ PAGE: 1 SESS: 47 OUTPUT: Wed May 8 14:38:39 2019 //English/HCR/HCR1905004e_Project_Woori_Bank/02main Woori Bank (acting through its principal office in Korea) Issue of U.S.$450,000,000 Floating Rate Notes due 2024 under the U.S.$7,000,000,000 Global Medium Term Note Programme This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Capitalised terms used herein shall have the meanings set forth in the Offering Circular dated 3rd May, 2019 (the “Offering Circular”). This Pricing Supplement contains the final terms of the Notes and must be read in conjunction with the Offering Circular. MIFID II PRODUCT GOVERNANCE – Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the securities has led to the conclusion that: (i) the target market for the securities is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the securities to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the securities (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the securities (by either adopting or refining the manufacturer’s target market assessment) and determining the appropriate distribution channels.
Load more

Recommended publications
  • Execution Copy the EXPORT-IMPORT BANK OF
    Execution Copy THE EXPORT-IMPORT BANK OF KOREA as Issuer and DEUTSCHE BANK AG, TAIPEI BRANCH as Lead Manager BANK OF TAIWAN FUBON SECURITIES CO., LTD. KGI BANK PRESIDENT SECURITIES CORP. SHANGHAI COMMERCIAL & SAVINGS BANK, LTD. SINOPAC SECURITIES CORP. TAIPEI FUBON COMMERCIAL BANK CO., LTD. TAISHIN INTERNATIONAL BANK as Co-managers SUBSCRIPTION AGREEMENT in respect of US$400,000,000 Floating Rate Notes due 2023 THE EXPORT-IMPORT BANK OF KOREA US$25,000,000,000 Global Medium Term Note Programme [SEOUL 13211_2] THIS AGREEMENT is made on 12 March 2018 AMONG: (1) THE EXPORT-IMPORT BANK OF KOREA (the “Issuer”); (2) DEUTSCHE BANK AG, TAIPEI BRANCH (the “Lead Manager”); and (3) BANK OF TAIWAN, FUBON SECURITIES CO., LTD., KGI BANK, PRESIDENT SECURITIES CORP., SHANGHAI COMMERCIAL & SAVINGS BANK, LTD., SINOPAC SECURITIES CORP., TAIPEI FUBON COMMERCIAL BANK CO., LTD. and TAISHIN INTERNATIONAL BANK. (the “Co-managers” and, together with the Lead Manager, the “Managers”). WHEREAS (A) The Issuer has entered into an amended and restated dealer agreement dated 13 May 2016 (the “Dealer Agreement”) with the Dealers named therein respect of the Issuer’s US$25,000,000,000 Global Medium Term Note Programme (the “Programme”). All terms with initial capitals used herein without definition have the meanings given to them in the Dealer Agreement. (B) The Issuer proposes to issue US$400,000,000 aggregate principal amount of its floating rate notes due 2023 (the “Notes”), which expression, where the context so admits, shall include the Global Notes to be delivered in respect thereof, and the Managers wish to subscribe such Notes, on a firm commitment basis, at the Subscription Price (as defined in clause 3.1 of this Agreement).
    [Show full text]
  • CTBC Holding Public Resolution Plan 2013
    CTBC Financial Holding Co., Ltd. 165(d) Resolution Plan Public Section December 31, 2013 US Resolution Plan – Public Section Table of Contents A. Introduction ......................................................................................................2 1. Overview of CTBC Holding ...................................................................3 2. Overview of CTBC Holding’s U.S. Presence ......................................4 B. The Names of Material Entities ....................................................................4 1. Definition ..................................................................................................4 2. Identification of Material Entity ..............................................................4 C. Description of Core Business Lines ............................................................5 1. Definition ..................................................................................................5 2. Identification of Core Business Lines ..................................................5 D. Summary of Financial Information Regarding Assets, Liabilities, Capital and Major Funding Sources ........................................................................7 1. Balance Sheet .........................................................................................7 2. Capital .......................................................................................................9 3. Major Funding Sources ..........................................................................9
    [Show full text]
  • TCS Bancs 33F.Indd
    capital markets AT A GLANCE Company: CTBC Bank Headquarters: Taipei, Taiwan Business Challenge: To modernize custodian services with Bank international standards for CTBC institutional clients. Bank modernizes for Solution: TCS BaNCS Global Securities institutional clients and Investments Platform on the TCS BaNCS Global Securities Platform Kamal Khurana, Global Product Head, TCS BaNCS Global Securities Platform CTBC Bank identified several potential areas for improvement in: CTBC Bank combines strengths in institutional banking, international business, and capital l Customized reporting for The search for a solution lasted about two markets with a strong presence in Taiwan retail institutional clients years. The evaluation team considered fourteen banking for wealth management, loan and l vendors in terms of domain knowledge, payment services. Notifications and management of technology, and references, leading to the final The initial objective was to adopt global Corporate Actions To address the growing securities custody selection of the TCS BaNCS Global Securities standards and best practices with the needs of institutional customers, CTBC sought l Customer management and and Investments Platform. TCS was unmatched deployment of TCS BaNCS, which has to modernize its technology architecture. profiling in terms of analyst recognition across domains benefitted from continuous improvements Legacy systems had been built independently and presence among the top global custodians. driven by a global client base of top custodian l SWIFT integration and adoption for Taiwan and Hong Kong, leading to TCS also benefitted from strong word-of-mouth banks. The parameterized and modularized duplication and inefficiency, along with time- of international standards recommendations from peer institutions, and application enables the bank to apply the full consuming customizations for regulatory (e.g.
    [Show full text]
  • 2019Annualreport 2019
    CONTENTS Letter to Shareholders 4 Operations Review 10 Company Introduction 32 Supervisors' Report 38 Internal Control Statement 39 Independent Auditors' Report (Consolidated) 42 Consolidated Balance Sheets 46 Consolidated Statements of 48 Comprehensive Income Independent Auditors' Report 50 Balance Sheets 54 Statements of Comprehensive Income 56 Schedule for Appropriation of Earnings 58 2019 ANNUAL REPORT TAIWAN DEPOSITORY & CLEARING CORPORATION 5 Letter to Dear shareholders: Shareholders The world's politics and economics are increasingly interconnected. Within this, the capital market plays the role of an economic window. Looking back on 2019, because global trade disputes and geopolitical frictions brought many uncertainties to the global economy, the momentum of economic growth slowed down. In terms of Taiwan's economy, external demand declined at the beginning of the year. Fortunately, after the middle of the year, the negative effects of the trade war gradually weakened, bringing about the effect of order transfers and additional investment for Taiwan, as well as some momentum toward growth. Although the performance of the capital market was not as good as in 2018, there was still a certain level of performance. Challenges from uncertainty risks due to changes in the political and economic environments also brought different opportunities to capital market participants. In the face of market challenges and customer needs, new Fintech applications and digital transformation have played leading roles. However, application in new technology is not the only factor creating competitive advantages. The key to successful transformation lies in whether enterprises can adapt to market trends, select appropriate system architectures, use professional talent to integrate cross-border resources, and realize the value of accumulated big data through innovative applications.
    [Show full text]
  • Ctbc Financial Holding Co., Ltd. and Subsidiaries
    1 Stock Code:2891 CTBC FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements With Independent Auditors’ Report For the Six Months Ended June 30, 2019 and 2018 Address: 27F and 29F, No.168, Jingmao 2nd Rd., Nangang Dist., Taipei City 115, Taiwan, R.O.C. Telephone: 886-2-3327-7777 The independent auditors’ report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ report and consolidated financial statements, the Chinese version shall prevail. 2 Table of contents Contents Page 1. Cover Page 1 2. Table of Contents 2 3. Independent Auditors’ Report 3 4. Consolidated Balance Sheets 4 5. Consolidated Statements of Comprehensive Income 5 6. Consolidated Statements of Changes in Stockholder’s Equity 6 7. Consolidated Statements of Cash Flows 7 8. Notes to the Consolidated Financial Statements (1) History and Organization 8 (2) Approval Date and Procedures of the Consolidated Financial Statements 8 (3) New Standards, Amendments and Interpretations adopted 9～12 (4) Summary of Significant Accounting Policies 12～39 (5) Primary Sources of Significant Accounting Judgments, Estimates and 40 Assumptions Uncertainty (6) Summary of Major Accounts 40～202 (7) Related-Party Transactions 203～215 (8) Pledged Assets 216 (9) Significant Contingent Liabilities and Unrecognized Contract 217～226 Commitment (10) Significant Catastrophic Losses 227 (11) Significant Subsequent Events 227 (12) Other 227～282 (13) Disclosures Required (a) Related information on significant transactions 283～287 (b) Related information on reinvestment 287～289 (c) Information on investment in Mainland China 289～290 (14) Segment Information 291 KPMG 11049 5 7 68 ( 101 ) Telephone + 886 (2) 8101 6666 台北市 信義路 段 號 樓 台北 大樓 68F., TAIPEI 101 TOWER, No.
    [Show full text]
  • Chinatrust (Philippines) Commercial Bank Corporation
    CTBC BANK (PHILIPPINES) CORPORATION Annual Report Year 2019 Our Purpose To achieve sustainable growth and to be a trustworthy brand that provides a uniquely personal and fulfilling customer experience through differentiated products and services within our global network. Our Strategy We will provide a stable source of revenue for the Bank by being the preferred financial products provider for our customers and by optimizing the earning potential of our resources. We will innovate products and services that will delight our customers and address their needs. We will promote a culture of entrepreneurship where our employees become partners in pursuing sustainable business growth. We will remain committed to uplifting the lives of the people in our communities by sharing our resources and encouraging employee volunteerism. CTBC Bank (Philippines) Corp. CTBC Bank (Philippines) Corp. was established in 1995, when the country opened up to the entry of foreign banks. Amid an intensely competitive arena, CTBC Bank (Philippines) Corp. distinguished itself with a niche-based strategy that demonstrated its efficiency, innovativeness, and customer focus. We drew strength from the global reputation and track record of CTBC, our Parent Bank in Taiwan, and complemented these with our own unique touch of local service and innovation. In the Philippines, our brand promise "We are Family" has gained new meaning while also holding true to the tradition set by our Parent Bank. CTBC Bank (Philippines) Corp. has achieved this balance by focusing effectively on our chosen markets and developing active partnerships with customers. The results may be seen in our Bank's solid financial performance, innovative products, and responsive services enabled by technology.
    [Show full text]
  • Bloomberg-Taiwan-Capital-Market-Preliminary-League-Tables-Q1-2020-ENG.Pdf
    TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS TAIWAN CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Siying He +86 21 6055 3524 [email protected] Fixed Income Sheng Chiu +886 2 7719 1467 [email protected] Loans Jewel Ho +852 2293 1498 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Taiwan Capital Markets | Q1 2020 Taiwan Bonds: Industry Breakdown Taiwan Bonds 20% Q1 2020 Q1 2019 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 58% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% Yuanta Securities 1 25.973 30,100 12 2 16.612 9.361 KGI Securities 2 21.745 25,200 9 4 7.309 14.436 Masterlink Securities 3 11.735 13,600 7 3 8.107 3.628 SinoPac Financial Holdings 4 8.888 10,300 8 8 4.588 4.300 Hua Nan Securities 5 6.903 8,000 6 17 2.358 4.545 Financials 58% HSBC 6 3.797 4,400 2 - - 3.797 Communications
    [Show full text]
  • China Development Financial
    Stock Code：2883 China Development Financial 2015 Annual Report Notice to readers This English-version annual report is a summary of the Chinese version and is not an official document of the share holders’ meeting. If there is any discrepancy between the English and Chinese versions, the Chinese version shall prevail. Annual Report is available at: http://www.cdibh.com Printed on February 29, 2016 Spokesperson Deputy Spokesperson Name： Eddy Chang Name： Beatrice Chou Title ： Executive Vice President Title： Executive Vice President Tel ： (02)2763-8800 Tel： (02)2763-8800 Web： www.cdibh.com Web： www.cdibh.com Headquarters, Branches and Plant China Development Financial Address： No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2753-2201 Web： www.cdibh.com Subsidiaries China Development Industrial Bank Address： 11 &12F, No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2763-8800 Web： www.cdibank.com KGI Bank Address： No. 125, Sec. 5, Nanjing E. Rd., Taipei 10504, Taiwan Tel： (02)2171-1088 Web： www.kgibank.com KGI Securities Address： No. 700, Mingshui Rd., Taipei 10462, Taiwan Tel： (02)2181-8888 Web： www.kgi.com Stock Transfer Agent Name： The Transfer Agency Department of KGI Securities Address： 5F, No. 2, Sec. 1, ChongqingSouth Rd., Taipei 10044, Taiwan Tel： (02)2389-2999 Web： www.kgi.com Credit Rating Agency Name： Taiwan Ratings Address： 49F, No. 7, Sec. 5, XingYi Rd., Taipei 11049, Taiwan Tel： (02)8722-5800 Web： www.taiwanratings.com Auditors Auditors： Yi-Chun Wu, Cheng-Hung Kuo Accounting Firm： Deloitte & Touche Address： 12F, No. 156, Sec.
    [Show full text]
  • Emerging Issues in Money Market Funds
    Emerging Issues in Money Market Funds Peter Crane Haiwen Hsu President Treasurer Crane Data CTBC Bank (formerly Chinatrust) Emerging Issues in Money Market Funds • Current State of MMFs & Recent Trends • MF Portfolio Strategies & Holdings • MM Supply, CP & CD Update • Emerging Markets Issuance – Solving the Supply Problem? • CTBC Case Study • MMFs in Europe, Asia & Emerging Mkts. • MMF Regulatory Outlook • In the News; Q&A 2 Current State of Money Market Funds • Regulatory Overhang: SEC Regs Due 2/14? • MMF Assets $2.7 Trillion (Record was $3.9T) – Bank Savings Almost $7.0 Trillion • Still 25 Million Shareholders • $4.3 Bil. in Annual Revenue? (down from $9B) • Approx. 1/4 Share of “Cash” Markets • Zero Yields, Attrition & Consolidation • Growth & Pressures Overseas 3 History of Money Fund Assets Money Funds Are Down Almost $1.0 Trillion Over 4 Yrs (-27%), But Still at mid-’07 Levels. 4 4 Banks (Still) Taking Trillions From MMFs Money Funds Are Down $1.0T (-29.6%) Over 4 Yrs.; MMDAs Are Up $2.4T (+53.2%) 5 Rock Bottom: Ultra-Low Rate Environment 6 Fund Expenses & Fee Waivers Money Fund Revenue Estimates: $2.5 Trillion x 0.16% = $4.0 Billion (7/13); $2.4 Trillion x 0.37% = $8.8 Bil. (7/07) 7 7 Money Fund Market Share (8/31/13) Types & Number of Money Funds Minor Consolidation & Shrinking Universe Prime MMFs Still King Prime Inst 31% Prime Retail 24% Tax-Exempt 10% Share classes vs. portfolios Categorization issues 9 Taxable MMF Portfolio Composition 10 MM Supply, Commercial Paper & CD Update CD (21.13%) is #1 in Money Fund Portfolio Composition CP outstanding peak: $2.18T (2007) CP outstanding low point: $1.063T (2012) YCD was dominated by Eurozone issuers (before crisis) YCD/Non-US Financial CP new heavy-weight issuers: Japanese, Canadian, Australia YCD/Non-US Financial CP new issuers: Singapore, and emerging markets (Chinese/Taiwanese & Chilean) MM Supply, Commercial Paper & CD Update CDs Largest Money Fund Portfolio Composition Repo Volatile – Shrinking – Reg Pressure Treasury & Agency Supply CP Steady Govt vs.
    [Show full text]
  • Consolidated Financial Statements 2019
    KGI Bank Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES The Bank required to be included in the consolidated financial statements of affiliates in accordance with the “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” for the year ended December 31, 2019 are all the same as the companies required to be included in the consolidated financial statements of parent and subsidiary companies as provided in International Financial Reporting Standard 10 “Consolidated Financial Statements”. Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies. Hence, we have not prepared a separate set of consolidated financial statements of affiliates. Very truly yours, KGI BANK CO., LTD. March 26, 2020 - 1 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars) 2019 2018 ASSETS Amount % Amount % CASH AND CASH EQUIVALENTS (Notes 4, 6 and 41) $ 8,152,200 1 $ 7,034,362 1 DUE FROM THE CENTRAL BANK AND CALL LOANS TO BANKS (Note 7) 28,303,064 4 26,431,383 4 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 4, 8, 41 and 42) 78,108,576 12 81,922,752 12 FINANCIAL ASSETS AT FAIR VALUE
    [Show full text]
  • Financial Statements 2006
    Cosmos Bank, Taiwan Financial Statements for the Years Ended December 31, 2006 and 2005 and Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT The Board of Directors and Stockholders Cosmos Bank, Taiwan We have audited the accompanying balance sheets of Cosmos Bank, Taiwan as of December 31, 2006 and 2005, and the related statements of income, changes in stockholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audits. Except as stated in the next paragraph, we conducted our audits in accordance with the Rules Governing the Audit of Financial Statements of Financial Institutions by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As stated in Note 15 to the financial statements, the Bank signed individual contracts with asset management companies between 2002 and 2006 to sell nonperforming loans. Based on the Law Governing Mergers of Financial Institutions, the losses on these sales were amortized using the straight-line method over 60 months.
    [Show full text]
  • Ctbc Bank Co., Ltd. and Subsidiaries
    1 Stock Code: 5841 CTBC BANK CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements With Independent Auditors’ Review Report For the Three Months Ended March 31, 2021 and 2020 Address: No. 166, 168, 170, 186, 188, Jingmao 2nd Rd., Nangang Dist., Taipei City 115, Taiwan, R.O.C. Telephone: 886-2-3327-7777 The independent auditors’ review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ review report and consolidated financial statements, the Chinese version shall prevail. 2 Table of contents Contents Page 1. Cover Page 1 2. Table of Contents 2 3. Independent Auditors’ Review Report 3 4. Consolidated Balance Sheets 4 5. Consolidated Statements of Comprehensive Income 5 6. Consolidated Statements of Changes in Equity 6 7. Consolidated Statements of Cash Flows 7 8. Notes to the Consolidated Financial Statements (1) Company history 8～10 (2) Approval date and procedures of the consolidated financial statements 10 (3) New standards, amendments and interpretations adopted 10～14 (4) Summary of significant accounting policies 14～32 (5) Significant accounting assumptions and judgments, and major sources 32 of estimation uncertainty (6) Explanation of significant accounts 33～139 (7) Related-party transactions 140～152 (8) Pledged assets 152～153 (9) Commitments and contingencies 153～159 (10) Losses Due to Major Disasters 159 (11) Subsequent Events 159 (12) Other 159～169 (13) Other disclosures (a) Information on significant transactions 170～171 (b) Information on investment in mainland China 171～172 (14) Segment information 173 3 Independent Auditors’ Review Report To the Board of Directors of CTBC Bank Co., Ltd.: Introduction We have reviewed the consolidated financial statements of CTBC Bank Co., Ltd.
    [Show full text]