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Bank of Taiwan

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Bank of Taiwan



History

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The Bank of Taiwan Kabushiki-gaisha, the predecessor of Bank of Taiwan, was established in 1899 as Taiwan’s Central Bank during Japanese ruling period. It issued local currency and provided financial resource to enterprises. The Bank of Taiwan (BOT)was established on May 20, 1946 as the first government-owned bank following the island's restoration to the Republic of China in 1945. During much of its operating history, it has been under the administration of the Taiwan Provincial Government. Following the phase out of the Taiwan Provincial Government on Dec. 21, 1998, the Bank was subsequently taken over by the central government of the Republic of China and placed under the administration of the Ministry of Finance, in accordance with the regulations on government-owned financial institutions. BOT has been judicial person under Banking Law since 1985. Effective July 1, 2003, BOT became a corporate organization under Company Law. In accordance with the regulations upon financial holding corporations, on January 1, 2008, Taiwan Financial Holdings was established on the basis of the share transfer .Meanwhile the Bank has become a subsidiary of Taiwan Financial Holdings. On January 2, 2008 the Bank split its Department of Securities and Department of Life Insurance to organize the other two subsidiaries of Taiwan Financial Holdings, BankTaiwan Securities Co., Ltd. and BankTaiwan Life Insurance Co., Ltd. The current amount of capital of the Bank is ninety-five billions of New Taiwan Dollars.

During its formative years, the BOT managed the business of the national treasury, issued currency in the Taiwan area, and carried out many of the functions of a central bank. In the early years following the central government's move to Taiwan in 1949, it acted as agent in carrying out most of the functions of the Central Bank of China (CBC), thus giving it a dual character; that of a central bank, as well as a general commercial bank. Following restoration of the CBC in Taiwan in July 1961, however, the BOT switched its primary emphasis to general banking. After the passage of the Local Autonomy Law in July 1994, provincial, county, and city governments were given the right to choose the banks in which to deposit their funds. Faced with competition from other banks, the BOT has been able to rely on its outstanding image and efficiency, which it built up through decades of effort. It has steadfastly adhered to sound operating principles. It is also responsible for the operation of businesses related to the issuance of New Taiwan Dollar currency, the handling of deposits of military and civil servants' retirement funds at preferential interest rates, student loans and other policy-related operations. Meanwhile, BOT has facilitated financial service to critical infrastructure and various industrial innovation and economic revitalization projects to support economic growth and industrial development of Taiwan. We strongly support Taiwan’s economic development with sufficient financial function and play a leading position of financial systems in Taiwan.

Recently, the Bank’s new corporate vision has been implemented and built: “A leading bank with global presence”. This vision encompasses a strategy whereby BOT strongly supports our country in moving steadfastly toward a strong and stable economy in providing enterprises robust and comprehensive financial services. BOT has continued to pursue innovations in FinTec to enhance and improve its financial services capabilities. In an effort to speed up the bank’s global reach, we have collaborated with leading international banks and expanded our overseas networks to five major continents, thereby affirming BOT’s leading position of all the Taiwanese banks.

BOT is strongly committed to its CSR (Corporate Social Responsibility), and has promoted its affinity credit card program including “Guiding dog card” which is co-branded with Taiwan Guide Dog Association. We have also organized” Bank of Taiwan Arts Festival”, “Bank of Taiwan Economics and Finance Thesis Awards” and various social welfare campaigns to underprivileged groups. BOT has upgraded its CSR to include art and culture.

BOT has existed under the “Bank of Taiwan” brand now for over 120 years, and is instantly recognizable as a symbol of financial strength and stability which portrays its core values. Bank of Taiwan is committed to supporting sustainable economic growth. BOT always aims to identify and offer the best possible financial solutions to government and industry, and to support Taiwan in maintaining a robust economy, which thrives on creativity, innovation and technology.

 


   
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