King’s Bank chairman denies plans to sell to Cathay Financial

Reports of plans by Cathay Financial to acquire King’s Town have been described as inaccurate by the latter's Chairman.

"We have not received any offer and have no plans to sell. Our mission is simple: providing a convenient and safe platform for customers to make deposits and take out loans while providing employees with a stable work environment. We will keep working toward that goal," said King's Town Bank Chairman, Terrence Tai.

Accordingto Tai, the bank will not rule out the possibility of expanding the bank’s scale of economies if opportunities arise.

"We will seize them to strengthen services to customers and advance the benefits of our shareholders and employees," he quips.

Taiwan’s overcrowded banking market drives lenders abroad, especially to China, to boost profitability. King’s Town Bank, a medium-sized lender, is satisfied with its ‘status quo’ and rejects buyout offers.

"With a strong service network in southern Taiwan, the bank is blessed with high customer loyalty. Many refuse to switch to other lenders that offer lower borrowing costs," Tai gladly claims.

The bank posted NT$1.54 billion or US$51.46 million in net income for the first half, an increase of 19.6 percent from the same period last year on the back of growing income from interest. The figures represent earnings of NT$1.47 per share, nearly 20 percent higher than the EPS of NT$1.23 a year earlier.

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