Bank SinoPac
{{Short description|Taiwan-based banking holding company}}
{{More citations needed|date=February 2008}}
{{Infobox company
| name = Bank SinoPac
永豐商業銀行
| type = Corporation
| logo = Sinopac logo
| foundation = {{start date and age|1992}}
| location = Taiwan
| key_people =
| num_employees =
| industry = Banking
| products = Financial services
| assets = US$120 billion{{citation needed|date=June 2019}}
| equity = NT$110.600530450 billion
| revenue =
| subsid = 永豐商業銀行
永豐金證券
永豐金租賃
永豐客服科技
永豐創業投資
永豐證券投資信託
| homepage = [http://www.sinopac.com/ www.sinopac.com]
| footnotes =
}}
File:SinoPac Songshan Operation Building and New Asia Songshan Building 20160512.jpg
Bank SinoPac, or SinoPac Financial Holdings Company Ltd ({{TSE|2890}})({{zh|c=永豐金融控股公司|p=Yǒngfēng Jīnróng Kònggǔ Gōngsī}}), is a Taiwan-based banking holding company which operates through 22 divisions as well as 125 branches in Taiwan and overseas branches.{{Cite web|title=Corporate Profile|url=https://bank.sinopac.com/sinopacBT/en/about/20180102153120459000000000000958.html#:~:text=As%20of%20the%20end%20of,22%20divisions%20and%201%20office.|access-date=2021-04-01|website=bank.sinopac.com}}
History
The bank was founded by Samuel Yin and Paul Lo in 1992{{Cite web|title=Bank SinoPac|url=https://www.taiwanresearch.com/nsfg/nitc.asp|access-date=2021-04-01|website=www.taiwanresearch.com}} as Taiwan liberalized its banking regulations. As Taiwan continued to liberalize its financial market, SinoPac acquired a securities business from the Hong family of local fame in early 2000s. In late 2005, SinoPac merged with the International Bank of Taipei(IBT). SinoPac, like many other Taiwanese financial institutions, has branches and operations in the United States and major Asian cities; however, SinoPac is unique in its foresight in building on-the-ground business in the US and China. Far East National Bank, a wholly owned California chartered bank was acquired in 1997; SinoFirst, located in Shanghai, China, was acquired in late 1990s.
In 2017, Taiwan's banking regulator, the Financial Supervisory Commission, ordered SinoPac chairman Ho Shou-chuan to step down following revelations he extended generous loans to "an offshore company with no real operations with high investment by the Yuen Foong Yu Group" which was controlled by SinoPac's founding Ho family.{{Cite web|last=Hioe|first=Brian|date=2017-06-28|title=Bank SinoPac Scandal Illustrates Murkiness, Corruption In ROC Financial Institutions|url=https://newbloommag.net/2017/06/28/bank-sinopac-scandal/|access-date=2021-04-01|website=New Bloom Magazine|language=en-US}}{{Cite web|date=2016-12-20|title=SinoPac Financial reviewing its lending - Taipei Times|url=https://www.taipeitimes.com/News/biz/archives/2016/12/20/2003661536|access-date=2021-04-01|website=www.taipeitimes.com}} Ho Shou-chuan has not faced legal repercussions.{{Cite web|date=2017-05-26|title=SinoPac Financial confirms change in top management - Taipei Times|url=https://www.taipeitimes.com/News/front/archives/2017/05/26/2003671307|access-date=2021-04-01|website=www.taipeitimes.com}}
See also
References
{{Reflist}}
External links
- [https://web.archive.org/web/20060417210250/http://www.banksinopac.com.tw/ Bank Sinopac home page]
{{Portal|Banks}}
{{Banks of Taiwan}}
{{FTSE TWSE Taiwan 50}}
{{DJSI World}}
Category:Banks established in 1992
Category:Investment management companies of Taiwan
Category:1992 establishments in Taiwan
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