Sinopac Financial Holdings Company Limit (Taiwan, China)

SinoPac Holdings (the Chinese name has been changed to Yuen Foong Holdings) was publicly listed on the Taiwan Stock Exchange on May 9, 2006 (code no.: 2890). Its subsidiaries include banking, securities, credit cards, customer service technology, insurance brokerage, venture capital investing, management consulting, financial consulting, futures and leasing etc. SinoPac Holdings paid-in capital is NT$70.77 billion, with a net value of NT$88.103 billion and total market value of over NT$120 billion. Qualified foreign institutional investors (QFII) hold 30% of its shares. SinoPac Holdings' total assets exceed NT$1 trillion and is the fourth largest privately owned financial institution in Taiwan. It is also the most aggressive globalizing financial institution in Taiwan, with branches or representative offices in Los Angeles, Hong Kong, Macau, Beijing, Shanghai, Vietnam, and London. In California, SinoPac Holdings fully owns the Far East National Bank. As SinoPac Holdings profits from overseas operations continue to grow, the weight of its contributions is the highest among the industry. According to SinoPac Holdings organizational structure, there is a special Business Operations Committee under the CEO office, which is responsible for the related decision making and coordination of all business operations. At corporate headquarters, there is Accounting, Administrations, Corporate Communications, Information Technology, Operations, Risk Management, Human Resources, Legal and Compliance and Research and Development departments. There is also a CFO that is in charge of accounting, administration, corporate communications and business operations analysis. Bank SinoPac was formed through the merger of Bank SinoPac and the International Bank of Taipei (IBT). There are 129 branches, of which 93 are located in Taipei City and County, which gives it a dense branch service network in the greater Taipei area. The International Bank of Taipei has close to 60 years of rich history. It was formerly established on May 4, 1948 as the Taipei Area Coordinated Savings Company. On January 1, 1978, it became the Taipei Business Bank. On May 14, 1998, it was formally changed to the International Bank of Taipei. Since 2000, IBT has undergone two organizational rebuilding, and its globalized corporate banking, community oriented consumer banking, and financial planning banking services has made it into the leading regional bank. Bank SinoPac is a full service commercial bank that had always equally developed its consumer and corporate banking businesses. In 2000, the consumer bank successfully launched the Money Management Account (MMA), which integrated passbook savings, loans, securities, and mutual funds into one account. The corporate bank was focused on developing small and medium size enterprise customers, at the same time utilizing the Bank's two niche products, the B-to-B corporate electronic Pay-Web system and the online e-Factoring system to come out with various electronic business services. In 2003, the CrossPacific Account (CPA) was launched, which provided an integrated solution for companies with intercontinental operations. SinoPac Securities is a composite securities house which offers brokerage service, corporate financing, underwriting etc. It is also the first securities house in Taiwan to be listed on the OTC market while its brokerage and underwriting businesses rank among the top in the industry. The Asset magazine once ranked SinoPac Securities as Taiwan's second largest securities house and FinanceAsia magazine named it as The Best Underwriting House in Taiwan in 2004 and 2005. Innovation and balanced operations are SinoPac Securities' business strategy towards fulfilling the goals of becoming a full service securities house, to