Background of Cathay United Bank
||4 January 1975
|Date opened for business
||20 May 1975
||No. 7, Songren Road, Taipei City
||Please go to the [Corporate Governance] area to download the annual report
||2006 prospectus for the merger of Seventh Commercial Bank and capital increase (capital increase coming into force), and 2006 prospectus for the merger of Seventh Commercial Bank and capital increase (a draft)
|Relevant corporate links
||Cathay Life Insurance, Cathay Century Insurance, Cathay Securities Investment Trust, Cathay Real Estate, Cathay Securities Corporation, Cathay Futures,
Cathay Art Gallery, Cathay United Bank Cultural Foundation, Cathay Cultural Foundation, Cathay General Hospital
The United World Chinese Commercial Bank (UWCCB) and Cathay Commercial Bank (CCB) was merged and renamed Cathay United Bank. UWCCB was found in September 1971 during the 4th Cathay Financial Association Gathering where representatives of Chinese entrepreneurs around the world gave their determined support to the economy of their motherland. A total of 17 national and regional overseas Chinese leaders as well as 17 members of The Bankers Association of Taipei provided 50% of the investment shares to establish UWCCB. In May 1974, the Conference of Sponsors was convened, creating a bank with an approved capital sum of US$ 12 million. Shares would be divided into equal halves to domestic shareholders and overseas shareholders. In December 1974, the Ministry of Finance submitted the relevant applications to the Executive Yuan, which then approved the establishment of Cathay United Bank. UWCCB flagship office at No. 10, Yongsui Street, Taipei City formally opened for business on 20 May 1975. Cathay United Bank later acquired Huaqiao Xintuo Touzi Gufen Youxian Gongsi [Overseas Chinese Trust and Investment Co., Ltd.] on 17 April 1995.
Cathay Commercial Bank (CCB) was originally founded as the Diyi Xintuo Touzi Gufen Youxian Gongsi [First Trust and Investment Co., Ltd.] which established in June 1971. The reelection of the entire board of directors and election of Chen-yu Tsai as Chairperson of the Board in 1993 served as a turning point for this Company. Mr. Tsai initiated the 5-Year Reformation Program and successfully renamed the Company as Huitong Shangye Yinhang Gufen Youxian Gongsi [Huitong Commercial Bank Co., Ltd.] on 16 November 1998. Cathay United Bank was later renamed as Cathay Commercial Bank (CCB) on 3 July 2002.
We have initiated financial reformations in response to the government's Financial Holding Company Act. Since Taiwan's entry to the World Trade Organization (WTO), we have faced intense competition from multinational financial conglomerates. We thus provided our clients with improved and comprehensive financial services. Both Cathay Commercial Bank (CCB) and United World Chinese Commercial Bank (UWCCB) joined Cathay Financial Holdings Co., Ltd. in 22 April 2002 and 18 December 2002 respectively, becoming two wholly-owned subsidiary banks under Cathay Financial Holdings. To maximize the combined performance of Cathay Financial Holding, we have implemented measures such as integrating the resources of the two banks, streamlining operational costs, improving operational efficiency, and expanded our services. Both UWCCB and CCB have been merged in compliance with the Financial Institution Merger Act and other relevant laws. UWCCB would be the surviving company while CCB would be dissolved in the merger. The merger contract and other associated issues were resolved and passed in the Board of Directors meeting on 21 April 2003 and approved in 26 June by the Ministry of Finance. The reference date for the merger was 27 October 2003. The merged bank was renamed “Cathay United Bank Co., Ltd.”
To expand the scope of services provided and our market share, we then acquired Diqi Shangye Yinhang [Seventh Commercial Bank] on 1 January 2007. Further growth was achieved by accepting specific asset debt balances and operations of Zhonglian Xintuo on 29 December 2007. Since these acquisitions and mergers, Cathay United Bank has continued to expand its local branch offices in Taiwan, becoming a private bank with the largest number (165) of branches.