commercial bank type public traded as twse 2886 industry banking founded 2002 headquarters taipei taiwan republic of china area served australia canada cambodia united states thailand united kingdom singapore vietnam philippines japan panama france netherlands key people rongzhou wang chairman of the board guangxi xu general manager director products financial services including consumer banking corporate banking investment banking net income nt 14.03 trillion 2007 us 60.994 billion 1 total assets nt 1.947 trillion 2007 us 439.449 million number of employees 5 103 december 31 2007 1 parent mega financial holding company ltd. subsidiaries international commercial bank of cathay canada the international commercial bank of china public company limited website official website footnotes references issuer of banknotes 1912 1942 mega international commercial bank headquarter office the mega international commercial bank chinese ; pinyin zh o f ng gu j sh ngy y nh ng ; pe h e j ti u hong kok ch siong gia p g n h ng is a subsidiary of mega financial holding company . it is one of the leading banks in taiwan . it has 105 branches in taiwan along with 17 branches two representative offices and two wholly owned subsidiaries abroad . the bank s total workforce is over 5 100 and its aggregate paid in capital is approximately nt 64.1 billion . contents 1 history 2 2 corporate structure 4 3 see also 4 references 5 external links history 2 edit mega international commercial bank co. ltd. came into being on december 31 2002 as a result of the merger of the historic international commercial bank of china and chiao tung bank chinese ; wade giles chiao t ung yin hang . the international commercial bank of china was the name by which the bank of china came to be known after its privatization in taiwan in 1971 . the bank of china s reserves had been transferred from mainland china to taiwan prior to the chinese communist party s takeover of the mainland in 1949 . like most banks the bank of china was not immediately allowed to resume operations in taiwan . the bank of china begin as the hubu financial department bank of the qing dynasty . it came to be known as the ta ch ing bank before being renamed bank of china after the establishment of the republic of china in 1912 . the bank s headquarters were at 3 hank ou road in the international settlement of shanghai . the bank which was authorized to issue banknotes broke free from the yuan shih k ai government s control in 1916 under the leadership of chang kia ngau and became a private merchant owned bank in 1923 when the cash strapped peking government sold all but a symbolic number of its shares to private investors . during the 1920s and 1930s the bank of china was by far the largest in china . in 1928 the bank of china funded the government s creation of the central bank of china and in exchange was allowed to remain independent . it was also chartered to serve as the nation s international exchange bank and was entrusted with efforts toward the promotion of foreign trade the supply of foreign exchange and the general financing of home industries . the chiao tung bank was a direct successor of the chiao tung bank bank of communications established in 1908 during the final years of the qing era . after the establishment of the republic of china in 1912 the chiao tung bank was authorized to issue banknotes backed by silver reserves . government ownership of the bank was reduced to a minority during the instability of the yuan shih k ai regime and the northern warlords era . the bank financed the creation of the central bank of china in 1928 and was considered one of the republic of china s top four banks . the bank of china and the chiao tung bank both became government owned quite suddenly during the shanghai financial crisis of 1935 . finance minister h.h. kung who had worked to erode the independence of shanghai s powerful bankers forced both banks to create new shares which gave the government majority ownership . these new shares were purchased through overvalued government bonds meant to finance the government s deficit and increase the central bank of china s capital . after the 1949 establishment of the people s republic of china prc on the mainland both banks operations were split though their management and most liquid assets were transferred to taiwan . they were not immediately permitted to resume operations in taiwan given the uncertain situation in the early 1950s . both banks assets on the mainland were seized by the communist party which severely limited banking until the 1980s . the bank of china s branches in tokyo bangkok and the americas remained under the taipei based icbc while other branches in asia including hong kong came under the prc controlled bank of china . a new bank of communications was established in the prc in 1987 . 3 during the mid to late 1990s many state owned financial institutions in taiwan were restructured and merged for greater efficiency . the chiao tung bank was privatized in 1999 then underwent a series of consolidations . in 2002 it was merged with the international commercial bank of china under a single financial holding which in 2006 came to be consolidated into a single bank the mega international commercial bank . it was argued at the time that the bank s former initials icbc could lend it to be confused with the industrial and commercial bank of china . however the re branding was controversial in taiwan as many saw the change as a costly exercise meant to remove any reference to china from its name . in march and april 2008 mega international commercial bank featured prominently in the news in taiwan because the wife of president elect ma ying jeou christine chow had declared her intention to continue working as the bank s legal counsel . in may 2008 she was permitted to retire from the bank . corporate structure 4 edit mega international commercial bank consists of seven groups of businesses corporate banking group retail banking group investment banking group financial market group planning & information group risk management group administration group there are a total of eight committees loan committee investment committee problem loan committee fund management committee assets & liabilities management committee trust assets screening committee personnel appraisal committee occupational safety & health committee see also edit list of banks in taiwan economy of taiwan list of companies of taiwan references edit a b mega bank annual report 2007 historical overview bank of communications 2015 annual report . bank of communications . founded in 1908 bocom is one of the banks with the longest history and was one of the note issuing banks in china in the past . bocom started its business operation after its re establishment in 1987 . organization chart external links edit official website mega financial holding co. ltd retrieved from https en.wikipedia.org w index.php title mega international commercial bank & oldid 743606104 categories banks of taiwanbanks established in 2002companies based in taipei2002 establishments in taiwanhidden categories pages using infobox company with unsupported parametersarticles containing traditional chinese language textarticles containing chinese language text navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version in other projects wikimedia commons languages deutschbahasa indonesia edit links this page was last modified on 10 october 2016 at 10 55 . text 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