|Bank SinoPac is a wholly-owned subsidiary of SinoPac Holdings, and was formed in a merger between the former Bank SinoPac under SinoPac Holdings and the International Bank of Taipei on November 13, 2006. Bank SinoPac provides the best financial services and innovative product line to customers through its intensive branch networks. With the pillars of New Currency, New Market, and New Channel, the Bank can realize its vision of building a company that embraces "content shareholder, proud employees, happy customer and public respect".
International Bank of Taipei's predecessor was Taipei Mutual Loans and Savings Co., which was set up on May 4, 1948. Transformed into Taipei Business Bank in 1978, it was upgraded to a commercial bank under the name of International Bank of Taipei on May 14, 1998. The subsequent decades of evolution saw International Bank of Taipei focus on serving small and medium-sized enterprises and securing a solid customer base. On December 26, 2005, International Bank of Taipei was merged into SinoPac Holdings via a share swap and thus officially became the latter's wholly owned subsidiary.
Since its inception on January 28, 1992, Bank SinoPac has been devoting to product innovation and integration. Starting 2000, the Bank took the initiative to launch such niche offerings as Money Management Account, B-to-B Pay-Web, e-Factoring, and Factoring by Insurance (FBI). These and other services form an efficient platform that allows customers to allocate their funds and manage their assets without any restrictions in time or geography. On May 9, 2002, Bank SinoPac, together with its subsidiary SinoPac Securities, merged with National Securities, thus giving birth to SinoPac Holdings. On June 20 of the same year, Bank SinoPac was made a wholly owned subsidiary of SinoPac Holdings.
On July 20, 2006, SinoPac Holdings changed its Chinese name into Yuen Foong (永豐). To better integrate banking resources and optimize their economies of scale, Bank SinoPac and International Bank of Taipei were merged as of November 13 of the same year, with the former as the surviving entity. Reengineering initiated subsequently, across the Bank's channels, products and operations, led to the establishment of a new network of full function branches. Further, the Bank undertook an across-the-board initiative to flatten the organization and reduce expenditure that proved effective in bringing down its overall cost structure.
As part of the SinoPac Group's organizational restructuring and adjustment in investment portfolios, Bank SinoPac completed the dissolution and liquidation of SinoPac Financial Consulting Co. on March 13, 2009. This was followed by Bank SinoPac's merger with SinoPac Card Services, another wholly owned subsidiary of SinoPac Holdings, on June 1 of the same year. Also with Bank SinoPac as the surviving entity, the exercise did not only raise the bank's BIS capital adequacy ratio but also help consolidate resources and enhance overall operational efficiency without undermining shareholders' interests. In a similar vein, Bank SinoPac sold its stake in SinoPac Leasing to its parent SinoPac Holdings on December 3, 2009 in a bid to help the SinoPac Group put its assets to better use and enhance its overall operational efficiency.
Bank SinoPac (China), the bank's subsidiary, kicked off operation in 2014. Headquartered in Nanjing, Bank SinoPac (China) is the first Taiwanese-invested bank incorporated in China, providing trade finance, working capital finance, cash management and other services. In May 2016, Bank SinoPac (China) officially launched RMB business. The first branch located in Shanghai, officially opened for business on August 18, 2016, another milestone for the SinoPac's China business.
In order to enhance the bank's capital adequacy ratio, the bank issued in two tranches unsecured perpetual non-cumulative subordinated financial debentures in 2016, totaling NT$2.53 billion in value, and also a 7 year subordinated financial debentures totaling NT$1.42 billion for medium and long-term funding resource for business expansions. As of the end of 2016, Bank SinoPac and its subsidiaries had a total workforce of over 5,500, with paid-in capital topping NT$83.9 billion and assets totaling NT$1,505.7 billion, boasting 19 divisions and four offices. On top of 128 domestic branches (including the Banking Division), the bank has multiple overseas outlets, including Hong Kong Branch, Kowloon Branch, Macau Branch, Los Angeles Branch, Ho Chi Minh City Branch, and Vietnam Representative Office, and the China subsidiary, Bank SinoPac (China) Limited and its Branch, 8 outlets in total. Bank SinoPac has also invested in SinoPac Capital (Hong Kong), SinoPac Life Insurance Agent, and SinoPac Property Insurance Agent offering customers a comprehensive set of services.