Cathay United Bank

Updated on Sep 30, 2024

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Type Public limited Products Financial Services Founded 1971		Industry Banking Headquarters Taipei, Taiwan

Website Cathay United Bank Homepage Parent organization Cathay Financial Holding Co. Ltd. Subsidiaries Indovina Bank Limited Profiles Facebook YouTube

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Cathay United Bank (Chinese: 國泰世華銀行) is one of the largest commercial banks in Taiwan, with a capital value of TW$52 billion (approximately US$1.7 billion) and more than 160 branches located throughout Taiwan.

Cathay United Bank was formerly the United World Chinese Commercial Bank (UWCCB; Chinese: 世華聯合商業銀行), which was founded in 1975. In 2003, UWCCB was merged with the former Cathay Commercial Bank, a wholly owned subsidiary of Cathay Financial Holding Company; UWCCB was the surviving bank but the merged bank was renamed to Cathay United Bank.

Current Status

Cathay United Bank ("CUB"), headquartered in Taipei, Taiwan, has 165 branches throughout Taiwan and provides consumer and corporate banking as well as wealth management services. Cathay United Bank is one of the most distinguished financial institutions in Taiwan and has won numerous awards including "Bank of the Year 2014 in Taiwan", "The Strongest Bank in Taiwan 2014", and "The Best Trade Bank in Taiwan".

Oversea Branches/Offices

Currently Cathay United Bank has 9 overseas branches and sub-branches as well 6 marketing and representative offices plus 1 agency located in countries such as China, Malaysia, Cambodia, Singapore, United States, and Vietnam.

China

Shanghai Branch

Shanghai Minhang Sub-branch

Shanghai Pilot Free Trade Zone Sub-Branch

Qingdao Branch

Hong Kong Branch

Cambodia

Phnom Penh Branch

Laos

Vientiane Capital Branch

Malaysia

Labuan Branch

Kuala Lumpur Marketing Office

Myanmar

Yangon Representative Office

Philippines

Manila Branch

Singapore

Singapore Branch

Thailand

Bangkok Representative Office

Vietnam

Chu Lai Branch

Hanoi Representative Office

Ho Chi Minh City Representative Office

Joint Ventures and Subsidiary

Indovina Bank, Vietnam (Chinese: 世越銀行)

Cathay United Bank was the first Taiwanese bank to establish a banking presence in Vietnam. In 1990, Cathay United Bank with its local joint venture partner, Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) established Indovina Bank (IVB). Indovina Bank, headquartered in Ho Chi Minh City, is a commercial bank with 9 branches and 17 transaction offices.

Cathay United Bank Cambodia Corporation Limited (Formerly Singapore Banking Corporation, Cambodia)

In September 2012 Cathay United Bank with the National Bank of Cambodia’s approval, acquired a 70% stake in Singapore Banking Corporation (SBC). SBC was founded in 1993 and has 6 branches and 10 exchange offices in Cambodia. A year later in September 2013, Cathay United Bank reached an agreement with the remaining shareholders of SBC to acquire the remaining 30% shares. In January 2014, the name was changed to Cathay United Bank Cambodia (CUBC).

Oversea Acquisitions

To expand its banking operations in Asia, in December 2014, CUB through its sister company and life insurance arm of Cathay Financial Holding, Cathay Life Insurance, acquired a 22% share (approximately US$179 million) of Philippines' Rizal Commercial Banking Corp (RCBC). RCBC is owned by the Yuchengco Group and is the country’s eighth largest lender with a consolidated branch network of over 430 branches. Rizal Commercial Banking Corp is connected with the $81m Bangladesh Bank heist. As a result, the bank's president resigned in May 2016.

In January 2015, Cathay Life Insurance announced a plan to acquire 40% of Indonesia’s PT Bank Mayapada for approximately US$272 million. Bank Mayapada, founded in 1989, is a mid-sized commercial bank focused on corporate lending with 175 branches and offices and owned by Indonesian bilionaire Dato Sri Tahir.

References

Cathay United Bank Wikipedia

(Text) CC BY-SA