Dear Shareholders,
Looking back at the global economic situation in 2023, although inflation in major countries slowly declined and consumer demand recovered after the pandemic, the global economy was affected by the cumulative effect of tightening monetary policy by major central banks, China’s worse-than-expected economic performance, and rising geopolitical risks, which have resulted in the divergent economic performances of various countries. Fubon Financial Holdings’ net income reached NT$66.02 billion, and its earnings per share of NT$4.8 led the sector for the 15th consecutive year. Consolidated total assets surpassed NT$11 trillion.
Beyond deepening its presence in Taiwan, Fubon Financial Holdings has steadily forged a regional network and developed innovative financial models through cross-industry alliances. Based on the foundation of its own advantages, we strive to integrate peers and cross-industry resources to enhance our financial service strength so as to provide diversified financial services for new and existing customers. In the meantime, we are injecting innovative energy through FinTech, integrating financial holdings’ resources, covering banking, insurance and asset management services in Greater China, and creating a diversified financial service platform and extending our tentacles to other regions in Asia. In the first half of 2023, the mergers of its subsidiaries, Taipei Fubon Bank with Jih Sun Bank, and Fubon Securities with JihSun Securities, were completed, which brought indicative significance to the merger of the financial industry. We will continue to seek various cooperation opportunities in the future. In addition to improving the operating results of the existing overseas businesses and focusing on Greater China and Asia, Fubon Financial Holdings will continue to evaluate M&A opportunities as we move steadily closer to our vision of becoming one of “Asia’s first-class financial institutions”.
Financial Sector Leader in EPS 15 Years in a Row
Looking back to 2023, with the weakening impact of the pandemic and the opening up of international tourism, Taiwan’s economy has seen a surge demand for leisure and entertainment which has supported the steady growth of private consumption. However, inflationary pressure and ongoing monetary tightening by major central banks suppressed overseas demand, resulting in a decline in global commodity consumption and prolonging the destocking of industrial inventories, which seriously affected Taiwan’s export and dampened enterprises’ willingness to invest. Given the pressure of a weak external economy, as well as an internal economy with mild growth, Taiwan’s economic growth has slowed down significantly.
In 2023, the global political and economic situations were changeable and the capital market was in sharp fluctuations, however, the subsidiaries of Fubon Financial Holdings continued to perform well in their operations. Fubon Financial Holdings’ net income reached NT$66.02 billion, with an earnings per share of NT$4.8, leading all financial holdings companies in Taiwan for the 15th consecutive year! The profit contribution mainly came from Fubon Life and Taipei Fubon Bank. Fubon Financial Holdings’ return on assets (ROA) and return on equity (ROE) were 0.60% and 9.65% respectively.
Despite the capital market volatility, Fubon Financial Holdings’ consolidated total assets maintained steady growth and surpassed NT$11 trillion, reaching NT$11,106.3 billion by the end of December 2023, an increase of 5% from the end of 2022, and remained Taiwan’s second largest financial holding company.
Fubon Life: Financially Sound, Operation Performance Continues to be Stellar
In 2023, the life insurance market was affected by the Federal Reserve’s consecutive interest rate hikes, the appreciation of the U.S. dollar, inflation, and continued stringent insurance supervision measures by the competent authorities, all of which posed a challenge to the development of the life insurance market. Faced with a changing business environment, Fubon Life maintains flexible product and diversified channel strategies as it transforms to regular-paid policies and protection-oriented products, as well as launches NTD, foreign currencies, and multi-payment participating insurance products in order to sustain its outstanding performance. First-year premium was about NT$94.45 billion in 2023, which ranked second in the industry. If excluding the investment-linked policies, first-year premium of about NT$68.78 billion ranked first in the industry. Total premium of NT$323.68 billion ranked second in the industry. Total assets grew stably to over NT$5.8 trillion in 2023, which ranked second in the industry, and net income of about NT$36.09 billion was an important profit engine for Fubon Financial Holdings.
In terms of customer service, Fubon Life has introduced a number of digitized services such as the first-ever online insurance policy issuance service and the launch of an “intelligent text-based customer service robot” to enhance operational efficiency. In addition, Fubon Life also provides a “redirection to a specialist” function for the visually impaired or people aged 65 or above in the self-service inquiry platforms, such as policyholder membership section or Fubon Life mobile app, so that the digitally vulnerable groups can enjoy real-time and caring services.
Overseas, the Fubon Life’s Vietnam subsidiary focuses on localized operations and cross-selling cooperation through Fubon’s affiliates in order to cultivate the market of Taiwanese businessmen. Fubon Hyundai Life Insurance strengthens capital management and continues to stabilize the scale of its pension market operations in order to ensure the company’s stable growth. The Hong Kong subsidiary focuses on capital management, and provides differentiated products and services to target customers.
Taipei Fubon Bank: Unleashes Core Competitiveness and Leverages Synergies to Achieve a Record High Profit in 2023
In 2023, global political and economic situations remained a challenge due to the slowdown in manufacturing activities in various countries as a result of high interest rates and high inflation, as well as technology disputes, geopolitics and climate change. Taipei Fubon Bank continued to enhance its core business capabilities and leveraged the Group’s resources to increase operational efficiency, driving both annual revenue and net income to reach a record high.
In 2023, Taipei Fubon Bank’s customer base exceeded 8.8 million and the number of branches reached 179, ranking the first among private banks in Taiwan, contributed by merging with Jih Sun Bank and issuing Costco co-branded credit cards. The expansion of customer base and extension of branch network aimed at laying the foundations for long-term development. Numerous market rankings continued to move upward among various businesses. In terms of the overseas expansion, the Financial Supervisory Commission approved the upgrading of the representative office in Australia to Sydney Branch of Australia, which was conducive to the establishment of a more comprehensive international financial services platform. The Bank also released the first Task Force on Climate-related Financial Disclosures (TCFD) report to address ESG and exert its financial influence and pioneered to build an “exploration type” climate change risk scenario among domestic peers, and was awarded the highest level of “Level 5+: Excellence” by the British Standards Institution (BSI). Moreover, it strived to build up a financial service benchmark by launching anti-fraud mechanism, enhancing financial security and implementing the spirit of financial friendliness.
The Bank was recognized by domestic and foreign professional institutions and media in the areas of intelligent financial management, wealth management, digital finance, green credit, information security, and corporate sustainability through continuous business improvement and the pursuit of innovation. In addition, the credit rating of Taipei Fubon Bank was upgraded to A1 Stable affirmed by Moody’s in September 2023.
Fubon Insurance: Market Share Reaches 23.8%, Ranking No. 1 in the Market for 42 Consecutive Years
Although Fubon Insurance suffered a net loss due to the loss of pandemic insurance, the accumulated loss due to pandemic insurance was reduced month by month with continuous business restructuring and enhancement of risk management. In addition, by leveraging the Group’s resources and diversified channels, Fubon Insurance continued to be the market leader in the non-life market, with written premium of NT$58 billion, an increase of 8%, and a market share of 23.8%. Fubon Insurance’s professional performance has also been recognized by domestic and foreign organizations, making it the biggest winner in the non-life industry in this year's Insurance Excellence Award, as well as being recognized in a number of foreign awards.
In response to the global net-zero trend, Fubon Insurance actively promotes sustainable development and low-carbon operations. It was the first in the world to be awarded the UL2799 Gold-Level Certification for its construction and demolition project and has taken the lead in the industry in proposing the “2050 Net-Zero Underwriting” to work together with corporate customers to achieve low-carbon transformation.
In terms of digital transformation, Fubon Insurance strengthens resource integration and communication efficiency, and optimizes the digital experience of customers through the use of digital tools to enhance the brand favorability. In the field of financial patents, Fubon Insurance also leads the industry in obtaining 12 invention patents and 21 new-type patents to draw a blueprint for FinTech.
In addition to deep cultivation in Taiwan, Fubon Insurance also continues to build its overseas service network, with subsidiaries in Mainland China and Vietnam, insurance brokers in Thailand and the Philippines as well as representative offices in Beijing, Malaysia and Indonesia to provide customers with comprehensive property safety protection in the spirit of localization service. The opening of Fubon Reinsurance Labuan in January 2024 marks an important milestone in our overseas development and provides a solid foundation for Fubon’s strategic insurance development in Asia.
Fubon Securities: Attach Equal Importance to Various Businesses; Deepen Customer Segmentation Management and Leverage Economies of Scale
In 2023, Taiwan stocks benefitted from the active trading of AI and semiconductor-related stocks, and both volume and price have grown as compared to 2022. In 2023, the net income of Fubon Securities was NT$7.05 billion, an increase of 75% from 2022. In 2023, the business scale of Fubon Securities has expanded after the merger of JihSun Securities, with the brokerage market share remaining at the third place at 7.56%, while the financing market share jumped to the second place at 9.56%, and the securities lending market share was at 17.08%, the third place in the market.
After Fubon Securities merged with JihSun Securities in 2023, the scale of its various businesses and customers has expanded. In order to fully leverage the benefits, we deepen customer segmentation operation through online and offline collaboration, continuously optimize digital services, enhance the system platform functions, create a “customer-oriented” investment journey, as well as expand the customer base and business opportunities through the cooperation with the Group’s resource ecosystem.
Looking ahead, Fubon Securities will continue to optimize its operating model and leverage synergies of scale. The business strategy focuses on consolidating the core brokerage business, combining product strategy and customer segment differentiation to increase the actual utilization rate of various products and customer groups. In terms of proprietary business, we will expand transaction scale while keeping risks under control. The underwriting business aims to strive for high-quality and benchmark cases, and through cross-company cooperation within the group, we create all-round integrated services for corporate customers. In addition, Fubon Securities highly values sustainable development, integrates the concept of sustainable management with its core business, continues to implement sustainable management with specific actions, and exerts financial influence.
Fubon Bank (Hong Kong): Strengthens Hybrid Services in Channel
Fubon Bank (China): Strives to Innovate and Advance Customer Journey
Despite the decline in exports, Hong Kong’s economy has gradually recovered in 2023 with the support of inbound tourism and consumption. Fubon Bank (Hong Kong) benefited from interest rate hikes and achieved double-digit growth in annual revenue and net income, contributed by asset and liability structure optimization and scale expansion. The Bank not only enhanced the penetration of existing customer to increase engagement, but also strengthened new accounts acquisition, and was committed to enriching its product lines to meet customer needs. It also optimized the capabilities of the mobile banking app “Fubon+” and repositioned branch functions, advancing our customer journey via seamless integration of our virtual and physical services. Moreover, our subsidiary Fubon Credit (Hong Kong) has launched a new brand called “Boni” to actively seize the opportunity of unsecured personal loans for younger generations and has adopted a dual brand strategy with the Bank to reinforce our loan business operations.
In 2023, despite multiple challenges such as post-pandemic economic recovery, interest rate cut by the People’s Bank of China and debt crisis of real estate developers, Fubon Bank (China) not only continued to expand the loan and debt securities investment portfolios steadily, but also made great efforts to enrich product lines, optimize online and offline services and build various infrastructure to enhance its competitiveness. By leveraging the Group’s diversified channel advantages and the cross-border business linkage mode, the bank launched comprehensive initiatives for Taiwanese businessmen. It also introduced innovative services in the form of mobile payment facilitation solutions to make it easier for Taiwan compatriots to enhance their experience, and was committed to becoming their most trusted financial partner and the most relied upon financial platform. In addition, the retail banking business focused on the core needs of customers in the areas of payment and clearing, daily consumption, as well as financing services, and actively invested in FinTech to promote digital transformation in order to successfully increase the business adhesion as well as customer engagement.
Fubon Asset Management: Provides Full Range of Wealth Management Products, and Builds Diversified, Multi-dimensional Asset Management Platform
In 2023, faced with the challenges of higher interest rates in the financial market and competition from homogeneous products in the market, Fubon Asset Management has maintained steady growth in asset management scale by actively developing sales channels and deepening existing customer relationships for its existing niche products. In terms of the asset management business: Fubon Asset Management continues to promote various domestic and overseas equity and bond product lines to meet investors’ wealth management needs and capture income and asset appreciation opportunities. On the other hand, Fubon Asset Management actively pursues institutional investors’ discretionary investment business to increase its management scale. In terms of the business investment, China Founder Fubon Fund focuses on the development of fixed-income funds and discretionary investment business, and its overall management scale has significantly increased. Fubon Fund (Hong Kong) focuses on the development of Shanghai-Shenzhen-Hong Kong High Dividend Yield Index ETF, and it has gained investor recognition in the market.
Focus on Risk Control, Maintain Strong Capital Structure
As its business has grown, Fubon Financial Holdings has put a premium on risk management, maintaining strong balance sheet strength and a level of asset quality that exceeds the market average. Those efforts resulted in a CAR of 128.91% in 2023, well above the minimum capital requirement of 100%.
At the end of 2023, Taipei Fubon Bank’s BIS ratio reached 16.41%, demonstrating a strong capital structure. Asset quality was also maintained at an excellent level with its NPL ratio of 0.12% and coverage ratio of 1071.06% at the end of 2023.
Moody’s, S&P Global Ratings and Taiwan Ratings Corp. all gave Fubon Financial Holdings ratings that fully reflect its superior financial performance and leading market position over its peers.
The ratings of various rating agencies in 2023 are shown below:
Rating Type | Rating Agency | Credit Rating | Outlook | Effective Date | |
Long-term | Short-term | ||||
International | Moody’s | Baa1 | - | Stable | 2023/10/13 |
S&P Global Ratings | BBB+ | A-2 | Stable | 2023/11/10 | |
Domestic | Taiwan Ratings Corp. | twAA | twA-1+ | Stable | 2023/11/10 |
Leading Green Finance: Integrate with International Community to Expand Impact in Sustainability
Fubon Financial Holdings’ ESG vision covers four major strategies : Decarbonization, Digitalization, Empowerment and Connection. With the Decarbonization as our priority, Fubon Financial Holdings has launched the “Run For Green™” initiative, concentrating on leading development of green finance in Taiwan, and promote the decarbonization transition of industries.
Fubon Financial Holdings proactively participates in international sustainability organizations, including Task Force on Climate-related Financial Disclosures (TCFD), Partnership for Carbon Accounting Financials (PCAF), Asia Investor Group on Climate Change (AIGCC), etc. In February 2023, Fubon Financial Holdings joined the Taskforce on Nature-related Financial Disclosures (TNFD) expand our sustainability vision to nature capital and biodiversity, so as to keep our leadership on the international sustainability trend.
In 2023, Fubon Financial Holdings achieved sustainability milestones, including: Fubon Insurance became the first property insurer in Taiwan to propose “2050 Net-Zero Underwriting”, with the goal of no longer underwriting companies in the coal and fossil fuel industries that do not have specific decarbonization plans after 2050, and to work together with our customers to move towards the goal of net-zero emissions by 2050.
In addition, to fulfill its commitment to use 100% green power in our domestic and overseas operational locations by 2040, Fubon Financial Holdings has purchased 4.391 million kWh of green power. And the subsidiaries, with 91 operational locations and 122 electricity meters, have implemented the solar power supply in July 2023. The implementation covered 17% of domestic operational locations, and being recorded as largest number of locations and meters covered by a single purchase of green power by a single financial institution in Taiwan!
Being Listed in the Dow Jones Sustainability Indexes, Fubon’s ESG Achievements are Highly Appreciated at Home and Abroad
Fubon Financial Holdings applies international standards for its sustainable operational initiatives. The achievement has been recognized by the world. We have been selected as a constituent of the DJSI World Index for the 7th consecutive year and the total score performance continues to rank among the top 3% of the global insurance industry (i.e. PR97). We have also been selected as a constituent of the DJSI Emerging Markets Index for the 8th consecutive year and a constituent of the MSCI Sustainability Index for the 7th consecutive year.
In addition to the outstanding results in sustainable management, Fubon Financial Holdings also excels in corporate governance as we are the first financial holding company in Taiwan to introduce an independent director system. The independence and diversity of its board members are exemplary in the industry. In 2022, Richard M. Tsai, Chairman of Fubon Financial Holdings, was selected as one of the “Top 100 CEOs in Taiwan” by “Harvard Business Review” and “Best CEO” by “Institutional Investor”. Tsai has also been awarded the “Asian Corporate Director Recognition Awards” by the “Corporate Governance Asia” for the 4th consecutive year since 2017 in recognition of his leadership and contribution to corporate governance and sustainable management.
Outstanding Performance of Subsidiaries Recognized by Numerous Awards
Fubon Financial Holdings also works with various sectors to promote sustainable actions through its subsidiaries. This includes Fubon Life’s first “Work for Green” performance-linked sustainability mechanism, which calls on colleagues to respond to tree-planting and restoration initiatives. Taipei Fubon Bank launched Taiwan’s first sustainability-index-linked loan, the first third-party-certified green loan, and the first sustainable supply chain financial co-operation. Fubon Insurance proposes 2050 net-zero underwriting and Fubon Securities creates the first cross-product “ESG Zone”.
Fubon Life has been awarded the “Taiwan’s Best Life Insurance Company” by “World Finance” twelve times, selected as “Global 100 Insurance Brands” by “Brand Finance” for the 7th consecutive year, won three gold championships in the “Dragon and Phoenix Insurance Awards”, “Insurance Quality Awards”, and “Faith, Hope and Love Awards of Insurance” on the National Insurance Three Awards Ten Year Hero List by “Risk Management, Insurance & Finance”.
Taipei Fubon Bank has been awarded the “Global 500 Banking Brand” by “Brand Finance” for the 6th consecutive year, the “Best Companies to Work for in Asia (Taiwan)” by “HR Asia” for the 3th consecutive year, the “Best Bank for ESG” by “Asiamoney”, for the 2th consecutive year and the “World’s Best Bank 2023” by “Forbes”.
Fubon Insurance won three gold championships in the “Dragon and Phoenix Insurance Awards”, “Insurance Quality Awards”, and “Faith, Hope and Love Awards of Insurance” on the National Insurance Three Awards Ten Year Hero List by “Risk Management, Insurance & Finance”. It has also been awarded “Trusted Brand” by “Reader’s Digest” for the 5th consecutive year, the 2023 Taiwan Financial Award “Property Insurance Customer Recommendation Quality Award” by “Wealth Magazine”.
Fubon Securities has been awarded the “Best Wealth Management Award” for the 6th consecutive year, and the “Best Customer Services Award” for the 5th consecutive year by “Wealth Magazine”, and the “Digital Information Security Gold Award” for the 2th consecutive year by “Commercial Times” and the “Best ETF Participating Dealer-Highly Commended” by “The Asset”.
Foundations Continue to Expand Positive Influence through Whole-Person Public Welfare Platform
Fubon Financial Holdings regards itself as a social catalyst and has been working hard to build a whole-person public welfare platform through its foundations for a long time. With positive energy, it creates common good for the society and environment.
Fubon Charity Foundation aims to help the disadvantaged. The “Making Friends with Love” campaign has donated more than NT$100 million to help over 15,000 students. Nearly NT$40.87 million was invested in projects such as “Emergency Relief Fund” and has helped 112,269 individuals. “Fubon Volunteer Association” has contributed a total of 5,622 persons with a total of near 25,000 service hours.
Fubon Cultural and Educational Foundation is deeply committed to cultivating children and youth. Taking root in financial literacy education with the Financial Literacy Online Learning School and the physical campus lecture tour in parallel benefits more than 1,000 people. The foundation also pays attention to children’s media education, with the momo mini Family Theatre, momo mini incubation program, and the “Fubon momo mini Award” in cooperation with Taiwan Creative Content Agency to broaden the media horizons of Taiwan’s children.
In order to bring art closer to life, Fubon Art Foundation has enhanced the aesthetics of public spaces with its Art Office project, which has provided 14 artworks from 8 artists in 2023. In collaboration with momo, the foundation has set up a brand flagship store, introducing 287 new products and hot-selling repurchase items from major international art museums, generating more than 57,000 views.
Taipei Fubon Bank Charity Foundation is dedicated to the public welfare activities such as caring for the elderly and people with disabilities for a long time. In 2023, the foundation has organized the “Fubon Jiazi Cup” and “Fubon Jiazi Singing Contest” to activate the physical and mental health of the elderly, and organized the “Fubon Artistic Achievement Awards for the Disabled” to let more people see the talents of people with disabilities.
Shanghai Fubon Charity Foundation carried out various public welfare projects based on the theme of “gathering strength and achieving the future”. The foundation is dedicated to poverty alleviation, title sponsoring Fubon elementary school, helping students’ restaurants, and helping poor students in higher education. It has invested nearly RMB2 million in projects such as caring for the elderly and helping students, and the impact of public welfare activities has reached 46,890 people.
Taiwan’s Economic Growth Momentum has Recovered
Continue to Improve Customer Service, Product Diversification
Looking ahead to 2024, as people’s lives return to normal after the pandemic, private enterprises will follow remuneration adjustments in the public sector, which will help private consumption continue to grow steadily. Along with inventory replenishment in global businesses, the outlook of manufacturing sector is gradually improving, leading to a notable recovery in export and boosting private investment. Taiwan’s economy is expected to regain its growth momentum, and the strength of its performance will be mainly affected by the recovery of overseas demand.
In addition, Fubon Financial Holdings officially merged with JihSun Financial Holdings in the fourth quarter of 2022, and completed the merger of its subsidiaries, including Taipei Fubon Bank with Jih Sun Bank and Fubon Securities with JihSun Securities, in the first half of 2023. It has successfully completed the first “Merger of Two Financial Holding Companies” in Taiwan’s financial history, which has helped to strengthen the banking and securities business, optimize capital efficiency, expand customer scale, increase cross-selling opportunities, balance the financial holdings’ business development and income sources, as well as provide customers with products and services of better quality and diversity, reflecting Fubon’s optimism about Taiwan’s overall prospects and commitment to continuously investing in Taiwan.
The key strategies and goals for 2024 for Fubon Financial Holdings’ main subsidiaries are as follows:
(1) Fubon Life: In 2024, the life insurance industry will continue to be affected by economic uncertainties, such as changes in interest rates and exchange rates, the possibility of interest rate cuts, and the still-challenging operating environment. Fubon Life will make timely adjustment to its product strategy in response to changes in the market environment, strengthen the competitiveness of its own channels to enhance the sales of protection products, optimize the application of digital technology, and integrate the Group’s resources in order to practice sustainable operations.
(2) Taipei Fubon Bank: With five major strategies, including acquiring new account and increasing recurring customer engagement, diversifying revenues by linking overseas outlets, enhancing business momentum via seamless integration of its physical and virtual services, reinforcing cross-sale capabilities by leveraging groups’ channel strengths, and grasping business opportunities via a continuous digital transformation as the main axes of operations, the Bank will also strengthen risk management to enhance its competitiveness and achieve benefit maximization for its shareholders and customers, as well as employees and the society.
(3) Fubon Insurance: Continue to exert the positive influence of insurance, implement social responsibility to promote sustainable development, strengthen risk management and control, stabilize the company’s profit, grasp the market trend, accelerate the pace of digitalization and practice digital transformation. For overseas development, we hope to grasp the opportunities of growth and profit by strictly underwriting, approving insurance claims as well as managing and controlling business quality, providing diversified insurance products and developing diversified sales channels.
(4) Fubon Securities: Consolidate its core brokerage business, increase the penetration rate of wealth management products, deepen customer segmentation to accelerate customer acquisition, strengthen digital management, and continue to optimize the trading platform to enhance customer experience. In addition, the company will increase the size of its positions under risk control, enhance the absolute return of its proprietary business, actively pursue quality and indicative underwriting cases, and strengthen co-operation with various subsidiaries of the Group in order to continue sustainable operations.
(5) Fubon Bank (Hong Kong): In addition to expanding its SME customer base through industry focus, the Bank will continue refining its pricing and processes for loan products to enhance product competitiveness, consolidating its branch network to strengthen the profitability of its wealth management products, and promoting digital transformation through a variety of product offerings and functionality enhancements to continually provide superior customer experience and build sustainable momentum.
(6) Fubon Bank (China): While expanding its business scale and balancing risks, the Bank will continue to optimize its asset and liability structure, reposition branch functions and refine its business model, strengthen customer acquisition and enhance the penetration of existing customers to increase engagement, as well as actively accelerate the deployment of FinTech with the goal of building a digital Intelligence benchmark among the peers in China.
(7) Fubon Asset Management: The asset management’s product lines are nearly complete, and the company will promote the concept of retirement wealth management assets allocation according to the trend of the elderly population structure, continue to deepen the existing product lines and focus on the re-marketing of key products, as well as enhance brand visibility and competitiveness in order to gain more investor recognition and develop new customer groups.
Looking forward to 2024, as it balances both risk management and stable business growth, Fubon Financial Holdings will continue to deepen its presence in Taiwan and expand in Asia, relying on acquisitions and equity participation opportunities to expand its financial services network. The pursuit of business success will be complemented by the injection of innovative energy and demonstrating sustainable competitiveness through FinTech as the company moves towards its vision of becoming one of “Asia’s first-class financial institutions” .
Richard M. Tsai
Chairman,
Fubon Financial Holdings