Bank SinoPac, or SinoPac Financial Holdings Company Ltd (TWSE: 2890)(Chinese: 永豐金融控股公司; pinyin: Yǒngfēng Jīnróng Kònggǔ Gōngsī), is a Taiwan-based banking holding company which operates through 22 divisions as well as 125 branches in Taiwan and 3 international branches in Shanghai, Guangzhou and Chengdu (as of 2019).[1]
 | |
| Company type | Corporation |
|---|---|
| Industry | Banking |
| Founded | 1992 |
| Headquarters | Taiwan |
| Products | Financial services |
| Total assets | US$120 billion[citation needed] |
| Total equity | NT$110.600530450 billion |
| Subsidiaries | 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 |
| Website | www.sinopac.com |
History
The bank was founded by Samuel Yin and Paul Lo in 1992[2] 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.[3][4] Ho Shou-chuan has not faced legal repercussions.[5]
Current status
SinoPac's total assets stood at about US$40 billion. Its stock is traded on the Taiwan Stock Exchange. Bank SinoPac is a subsidiary of SinoPac Financial Holdings which has a market capitalization of around US$3.4 billion.
