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The beginning of financial institutions in Taiwan from 1895 signed the Treaty of Shimonoseki station was established in Osaka neutral bank (now the Sanwa Bank) Keelung police station then Japanese banks have set up the police station in Taipei, and in 1899 changed to Bank of Taiwan.
Public Age (20 years): 1945 (the recovery of Taiwan) to 1964 In 1945, after the retrocession of Taiwan, operated by the Japanese Government to take over Bank of Taiwan Co., Ltd., and was reorganized as『Bank of Taiwan』, this is the first in Taiwan to establish a public bank.
Others such as First Commercial Bank, Hua Nan Commercial Bank, Chang Hwa Commercial Bank are in a period of restructuring or merger of the establishment. In this period, the banks are mainly engaged in general commercial banking business.
2. Foreign banks to enter the age (20 years): 1965-1984 After 1961, Taiwan's economic stability and trade growth, many foreign bank became a branch of the target. December 1964 the Government published the "line of foreign banks set the terms and scope of business", since many foreign banks have gradually come to Taiwan to set up branches.
These foreign banks are not only introduced a number of large foreign currency market for domestic goods and their liquidity, and provide banks with new modes of operation.
3. Liberalization period (5 years): 1985-1990 Financial services liberalization, and approved thefirst foreign bank to relax outside in Taipei set up a second branch, and to allow domestic banks to set up the trust department, andactively develop the establishment of new banks opening up the program, in April 1990, set scheduled commercial banks to set standards, the official opening of new private banks.
4. Privatization, international age (15 years): AD 1991 to date In the opening of new banks for 1990, after several months of review, the Treasury finally on 27 June 1991, announced the approval of 15 new private banks to be established. Approved the establishment of new banks, is representing a new era of the beginning of the financial industry, but also the pace of liberalization of the financial industry a step forward.
The history of First Bank • First Commercial Bank is the outgrowth of merger of the Savings Bank of Taiwan (established in 1899). • In 1949, the Bank was renamed the First Commercial Bank of Taiwan. The rate of progress has steadily risen in the last decade as Taiwan trade volume accelerated. For Simplification and internationalization, the name was shorten to first Commercial Bank in 1976.
In 1967, the Bank obtained its foreign exchange business license and became one of the major foreign exchange banks in Taiwan. The Bank installed on-line system in 1978 and joined the SWIFT in 1985. • The bank offers the business service areas of export, import, remittance, foreign currency deposits, and margin trading, etc. The Bank has established a correspondent network with more than 1,600 major banks all over the world. This extensive business network at home and abroad has facilitated the Bank to offer worldwide services to customers.
In January 1998, Taiwan Provincial Government released part of its ownership and reduced the total government-owned shares of this bank to 39.36 %.
