Overview of the Top Banks in Taiwan
As one of the world’s most advanced economies, the top banks in Taiwan have huge assets and strong capabilities. In this article, we’ll take a look at the ranking of the top banks in Taiwan. This list of top banks in Taiwan is a helpful guide for anyone pursuing a banking career in the region.
In Taiwan, the Central Bank of the Republic of China (Taiwan) and the Financial Supervisory Commission regulate the banking sector. There are tens of banks and thousands of branches spread across island.
List of Top Banks in Taiwan
Since this article is about banks that accept deposits, we rank the top banks in Taiwan by their assets. This differs from investment banking, which the industry ranks based on M&A or capital raising volume. Taiwan has a limited investment banking scene. While there certainly exist investment banking activities in Taiwan, it’s relatively small compared to the volume in Hong Kong.
Unsurprisingly, the top banks in Taiwan are domestic companies. Postal Remittances and Savings Bank, Bank of Taiwan, CTBC Bank and the Taiwan Cooperative Bank lead the market. Among the top 16 banks in Taiwan, 15 banks are headquartered in Taipei. That shouldn’t be surprising because Taipei is the financial capital of Taiwan. Among all of Taiwan’s cities, Taipei has the most developed transportation infrastructure and most sophisticated financial network. Only 1 bank, the Chang Hwa Bank, is headquartered outside of Taipei.
1. Bank of Taiwan (臺灣銀行)
BOT is the abbreviated name for the Bank of Taiwan. BOT’s predecessor is the Bank of Taiwan Kabushiki-gaisha, which the Japanese established in 1899 during its ruling period. After Taiwan took back governance from Japan, the government changed the bank’s name to Bank of Taiwan. It is Taiwan’s first government-owned bank. As is the case with many other state-owned banks, BOT has the most amount of assets in the industry. It also has the widest presence across the island. Bank of Taiwan’s brand is widely recognized among the Taiwanese population. BOT’s headquarters is in Taipei.
2. CTBC Bank (中國信託商業銀行)
Established on March 14, 1966, CTBC Bank has been operating in Taiwan for over half a century. Over this period, CTBC has grown to become a major player offering a comprehensive suite of financial services. CTBC was the pioneer in Taiwan’s banking industry in many ways. It issued the first credit card and set up the first banking customer service center in Taiwan. It has a wide network of branches across Taiwan and overseas, including US, Canada, Philippines, and Indonesia. CTBC’s headquarters is in Taipei.
3. Taiwan Cooperative Bank (合作金庫銀行)
TCB is the abbreviated name for the Taiwan Cooperative Bank. The Japanese established the TCB in 1923 during its rule of Taiwan. Since its founding, TCB has grown to become of the top banks in Taiwan. It went public and currently trades on the Taiwan Stock Exchange. It has hundreds of branches spread across Taiwan and overseas. Taiwan Cooperative Bank’s headquarters is in Taipei.
4. Mega International Commercial Bank (兆豐國際商業銀行)
Mega ICBC is the abbreviated name for the Mega International Commercial Bank Company. It has a similar name as Mainland China’s ICBC, which is a top bank in China. Similar to other top banks in Taiwan, Mega ICBC has a rich history going back several decades. It’s a public company trading on the Taiwan Stock Exchange. Like many of its peers, Mega ICBC also established its headquarters in Taipei.
5. First Commercial Bank / First Bank (第一銀行)
First Commercial Bank (or First Bank) was originally established on November 12, 1899 as Savings Bank of Taiwan. Over the century, it pursued several M&A transactions. Consequently, it merged with Commercial and Industrial Bank of Taiwan, Chia-I Bank and Hsin-Kao Bank to become the First Bank as we know it today. It has hundreds of branches spread across Taiwan and overseas. In terms of total assets and Tier 1 Capital, First Commercial Bank is among the world’s top 250 banks. First Commercial Bank’s headquarters is in Taipei.
6. Taipei Fubon Commercial Bank (台北富邦商業銀行)
Founded in 2005, Taipei Fubon Commercial Bank is the surviving entity following the merger of Taipei Bank and Fubon Bank. It is the banking subsidiary of Fubon Financial parent company. Fubon Financial has a wide range of businesses in the financial services sector beyond just banking. The bank is one of the top companies in Taiwan but it’s merely a unit within the larger Fubon organization. It is aggressively expanding its operations overseas in Southeast Asia. Taipei Fubon Commercial Bank’s headquarters is in Taipei.
7. Cathay United Bank (國泰世華銀行)
In 2003, United World Chinese Commercial Bank merged with Cathay Commercial Bank to form the Cathay United Bank. The bank is aggressively expanding in Southeast Asia through a series of acquisitions. For example, it acquired Singapore Banking Corporation to tackle the Cambodia market. It acquired Bank of Nova Scotia Berhad Malaysia to tackle the Malaysia market. It is a public company trading on the Taiwan Stock Exchange. Cathay United Bank’s headquarters is in Taipei.
8. Land Bank of Taiwan (臺灣土地銀行)
LBOT is the abbreviated name of the Land Bank of Taiwan. As the name implies, it is a wholly state-owned bank specializing in real estate and agricultural financing. Following the end of World War II, the Taiwan government established LBOT in 1946 to implement its land policies. LBOT has limited presence outside of Taiwan. Most of its operations are within Taiwan. Land Bank of Taiwan’s headquarters is in Taipei.
9. Hua Nan Commercial Bank (華南銀行)
HNCB is the abbreviated name of the Hua Nan Commercial Bank. Founded in 1919, HNCB is among one of the oldest banks in Taiwan. The bank offers a wide range of financial services to individuals and institutions in Taiwan. Most of its business operations are within Taiwan. It does have some presence overseas, but those are very limited. HNCB’s headquarters is in Taipei.
10. E.SUN Commercial Bank (玉山商業銀行)
Contrary to what it might seem at first glance, E.SUN’s name does not mean “electronic sun” or “digital sun”. Rather, E.SUN is the English phonetic name of its Chinese name, which means “jade mountain”. Founded in 1992, E.SUN Bank quickly grew to become one of Taiwan’s largest banks. That’s partially because the bank is a subsidiary of the Taiwanese financial giant E.SUN Financial Holding Company. The parent company has operations across banking, securities, investing, and consulting. E.SUN Bank serves retail customers as well as large corporations. E.SUN Bank’s headquarters is in Taipei.
11. Chang Hwa Bank (彰化銀行)
CHB is the abbreviated name for the Chang Hwa Bank. The Japanese established the bank in 1905 and named it after Changhua County. It’s a public company trading on the Taiwan Stock Exchange. It’s also one of the few top banks in Taiwan to have its headquarters outside of Taipei. CHB’s headquarters is in Taichung.
12. Shanghai Commercial & Savings Bank (上海商業儲蓄銀行)
In 1915, Chen Guangfu founded the Shanghai Commercial & Savings Bank. At the time, the bank was operating in Shanghai and became one of Mainland China’s top private banks. Following the defeat of the Chinese Nationalist Party by the Chinese Communist Party during China’s civil war, the bank followed the Chinese Nationalist Party and transferred its assets and operations to Taiwan. Hence, the bank has little presence in Shanghai city despite its namesake. Rather, most of its operations are concentrated in Taiwan. Shanghai Commercial & Savings Bank’s headquarters is in Taipei.
13. Taishin International Bank (台新國際商業銀行)
Founded in 1992, Taishin Bank is one of the leading banks in Taiwan. It is a subsidiary of the Taishin Group, which is a public company trading on the Taiwan Stock Exchange. Taishin Bank’s headquarters is in Taipei.
14. Bank SinoPac (永豐金融控股公司)
Founded in 1992, Bank SinoPac is one of the leading banks in Taiwan. It has overseas branches in Hong Kong, Kowloon, Macau, Los Angeles, and Ho Chi Minh City. Bank Sinopac’s headquarters is in Taipei.
15. Taiwan Business Bank (臺灣中小企業銀行)
TBB is the abbreviated name for the Taiwan Business Bank. TBB is a public company trading on the Taiwan Stock Exchange. Over years of reorganization, TBB is now a major provider of financial services to small and medium-sized enterprises. Today, it has over a hundred branches. Taiwan Business Bank’s headquarters is in Taipei.
A Gem Among the Top Banks in Taiwan: Chunghwa POST – (中華郵政)
As is the case in Mainland China, Taiwan’s postal office not only processes mails, but also serves as a semi-bank. Taiwan’s postal office not only take mails, but also deposits. Because the postal office has a network of over a thousand post offices across the island, it has the single largest share of Taiwan’s deposit market. However, its services are primarily related to savings and remittance. It doesn’t offer as wide range of financial services as a pure bank.
Full Ranking of Top Banks in Taiwan
Here’s a more complete ranking of the top 30 banks in Taiwan.
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