To our Sharechlders
Market Analysis
Our Goals for 2002
Organization Chart
International Bank of Taipei was founded in 1948 as Taipei Mutual Loan and Savings Company, and restructured as Taipei Business Bank on January 1, 1978. We upgraded to commercial bank and became International Bank of Taipei on May 14, 1998. With Class A listing on the Taiwan Stock Exchange since 1983 and capitalization of NT$18.04 billion, the bank is in prime shape to sail with the tide of globalization and internationalization in the new millennium.
Our business units last year numbered 91 at home and abroad. These include the Business, Trust, and International Banking Departments, the Offshore Banking Branch, 85 domestic branches, and our overseas branches in Macau and Hong Kong.
Until October 1995, our operations were limited to northern Taiwan. Then, with the opening of our Kaohsiung Branch in southern Taiwan, we began to expand into other regions of the island. Since then, we have set up branches in all the major population centers around Taiwan, and continue adding new branches to augment our service network.
We have also taken the initial steps in our next phase of development - into international banking operations - by establishing our first two overseas branches in Hong Kong and Macau. After setting up a representative office in Hong Kong in October 1994, we gained approval from the Ministry of Finance (MOF) to upgrade it to branch status in December 1995. The upgrade was approved by the Hong Kong authorities in October 1997, and the branch formally opened for business on April 25, 1998. The Macau Branch, approved by the MOF in April 1996, opened for business on January 9, 1997 - the first ranch of a Taiwan bank in the territory. The successful establishment of these two branches marked a great step forward in our overseas expansion. It gives us the distinction of being Taiwan's only financial institution to operate branches in both Hong Kong and Macau, and puts us in the best position for keeping abreast of government policy to open the three direct links across the Taiwan Strait. In the future, we will use these two branches as a springboard for our bank to catch hold of new post-links business opportunities and build a commercial banking structure to serve the whole Greater China region.
Our formal restructuring as a commercial bank on May 14, 1998, singled us out as the first Taiwan business bank to complete such a transformation. In 2000, we began an active program of organizational restructuring. In October of that year, Panchiao became the first of our new system of regional centers, designed to draw most effectively on our human resources in pursuit of business expansion. Our follow-up plans included the establishment of four loan recovery centers in Taipei city and county, ten regional corporate banking centers (including the original center in Panchiao), eleven regional consumer banking centers, and seven appraisal centers. This new structure will help us enhance both credit quality and overdue-loan recovery. And to meet the tough challenges that Taiwan's WTO entry will pose for domestic banking, we will constantly fine-tune our business structure and continuously strive to sharpen our competitiveness.
With a solid track record of achievement behind us, and well prepared for whatever lies ahead, we will concentrate our resources on providing internationalized business banking, community-centered retail banking, and general banking that is oriented toward financial management. Looking ahead with confidence, we will advance toward our core objectives: to strengthen our commercial operations, pursue sustainable business development, provide the best possible service to our customers, and firmly establish our standing as an international commercial bank of the 21st century.