Taiwan’s export is expected to grow mildly, as the enhancing competitiveness pressure on the manufacturing sector from abroad.
April 18, 2013: The momentum of world economy is anticipated to be stabilized in 2014, due to the better prospect of the advanced economies. Nevertheless, Taiwan’s export is expected to grow mildly, as the enhancing competitiveness pressure on the manufacturing sector from abroad. Combining with moderate domestic demand, real GDP will grow by 2.82% in 2014. CPI will increase by 1.07%. On the topic of interest rate and exchange rate, the Central Bank of Republic of China (Taiwan) will remain its loose monetary policy in response to external conditions. That means both rates shall remain as steady as they were in 2013.
Impact on SCSB
The Taiwanese economy is expected to stay on growth track in 2014 as the ongoing global recovery gains momentum. New opportunities are emerging on the back of the Cross-Strait Agreement on Trade in Services and Taiwan’s “Free Economic Pilot Zone” initiative as well as the Financial Supervisory Commission’s commitment to further deregulation. Moreover, the government is proactive to encourage local banks to build a greater presence in Asia in order to enhance their overseas income. Combined, all these positive developments bode well for the local banking industry.
Taking into account its own strengths and opportunities, SCSB will stand by its longtime commitment to “sound and prudent management” as it lay down business guidelines “action and innovation; foresight and prevail” for the coming year. SCSB will continue to establish network in Asia Pacific and utilize strategic alliance with Bank of Shanghai in China and the Shanghai Commercial Bank in Hong Kong, sharing 400 service locations worldwide. As it has undergone its rich and varied past, SCSB will continue to deliver valuable and innovative services to its customers with the goal of shaping SCSB into a best Chinese bank in Asia.
SCSB’s Overseas Expansion
The Shanghai Commercial & Savings Bank, Ltd. (SCSB) has been active in its pursuit of overseas deployment in line with the globalization of the businesses of its corporate clients and to explore new markets and business opportunities. Upon establishing its first overseas branch in Hong Kong in 2008, SCSB established its Dong Nai Branch in Vietnam in 2011. Subsequently in 2012, its representative office in Bangkok, Thailand came into being and in the same year, SCSB Leasing (China) Co., Ltd. was established through a subsidiary of SCSB. In 2013, SCSB set up a Cambodia representative office. Additionally, the Shanghai Commercial Bank (SCB), a subsidiary bank in which SCSB owns 57.6% of shares, is one of the most renowned banks in Hong Kong. Aside from operating 44 branches in Hong Kong, SCB also has branches in London, New York, San Francisco, and Los Angeles, along with branches in Shenzhen and Shanghai. SCSB together with SCB operates more than 120 branches worldwide, with service locations throughout Asia, Europe, and the America. SCSB adopts a prudent management approach towards its business, maintaining the principle of “asset safety, sufficient liquidity and capital adequacy”. It continues to establish branches domestically and globally in countries where Taiwanese, Hong Kong and Chinese entrepreneurs conduct business with the goal of shaping the bank into a regional commercial bank in Asia to offer more comprehensive and convenient financial services.
The Shanghai Commercial & Savings Bank, Ltd. (SCSB) was first established in Shanghai in 1915, was re-registered in Taiwan in 1954 and resumed business in Taiwan in 1965 with the aspiration of “service to society, support for industry, and prosperity to enhance international trade”. It adopts a prudent approach towards developing its business and places strong emphasis on risk management. With corporate banking as its core business, SCSB also specializes in foreign exchange, cross-strait trade finance, as well as mortgage and wealth management services. SCSB enjoys sound asset quality and a robust financial and business structure, and has been a long-term leader among its peers in terms of business performance. In October 2007, SCSB was ranked the top bank in strength in Taiwan among other local banks by “The Asian Banker”. In 2011, SCSB was ranked the top bank among the commercial banks in Taiwan by the China Productivity Center in respect of both “Service Capitals” and “employee satisfaction”. Concurrently, SCSB won the prize of “2011 Taiwan Chapter’s Annual Risk Management Excellence” awarded by Global Association of Risk Professionals (GARP)Taiwan Chapter. In 2013, “Global Banking & Finance Review” named SCSB as the “Best Commercial Bank in Taiwan 2013.” In the same year, “The Asian Banker” again recognized SCSB as the “Best Managed Bank in Taiwan.” Based on the ranking conducted by “The Banker”, a U.K.-based financial periodical, SCSB was ranked the 224th largest bank in the world in term of tier one capital. In 2014, the Chairman Mr. Hung-Ching Yung was recognized as the Best Banking Chairman Taiwan 2014 by “Global Banking & Finance Review”. At the same time, SCSB was also assessed as the Best Trade Finance Bank Taiwan 2014.
SCSB is committed to corporate social responsibility over the long run. In addition to donating funds to establish two charitable foundations, SCSB partners with its corporate volunteers to proactively care for the society and promote social, charitable events, which have garnered positive feedback from all segments of society.
The Shanghai Commercial & Savings Bank, Ltd. (SCSB) was founded in Shanghai, China in 1915 with the aspiration of “Service to Society, support for industry, and prosperity to enhance international trade.” SCSB’s initial aims were to encourage savings and to accumulate social capital. Since the founding of SCSB, it has stayed true to the mission of contributing to society and emphasizing talent development. Whatever benefits society is what it commits itself to. Therefore, SCSB has spearheaded industry-leading financial services and enjoy robust growth. As of 1931, SCSB became one of the largest privately-run banks in China. In 1927, SCSB establishes the first licensed Travel Agent in China, China Travel Service, a wholly-owned subsidiary that provides convenient travel service to the general public. In 1954, SCSB established a Head Office in Taiwan and formally reopened for business in 1965. With corporate banking as its core business, SCSB also specializes in foreign exchange, trade finance, small and medium sized enterprise financing services as well as mortgage and wealth management services. To provide well-rounded financial services to our customers, SCSB continues to increase its domestic and overseas service network, engage in the research and development of new financial products and services, continue to cultivate financial and banking professionals and enhance its risk management. It is poised to become “the best Chinese Bank in Asia-Pacific”.