TS Financial sets sights on best financial heavyweight in Taiwan: Chairman

Taipei, July 24 (CNA) On the inauguration day of TS Financial Holding Co. after completion of a merger on Thursday, Thomas Wu (吳東亮), chairman of the new company, said he will work hard with his employees to build TS Financial as the best financial heavyweight in Taiwan.

In an internal letter to TS Financial's employees, Wu said he has faith in their royalty and vision, so he was willing to work with them to make the new company better and vault it into the best financial heavyweight in Taiwan.

Accompanied by TS Financial Vice President Mark Wei (魏寶生), company president Welch Lin (林維俊), and guests from the local business sector, Wu unveiled the new company's nameplate at an inauguration ceremony at its Taipei headquarters, marking the official launch of the merged entity's operations.

"July 24 marked a milestone in Taiwan's financial sector as a merger of Taishin Financial and Shin Kong Financial was completed," Wu said in the letter. "After the merger, TS Financial has grown to the fourth largest financial holding in Taiwan with total assets at NT$8.3 trillion (US$283 billion)."

Under TS Financial's corporate umbrella, Wu said, more than 10 financial business categories are expected to enjoy larger economies of scale to provide better financial products through a more comprehensive financial product portfolio.

"Through its brand, recruitment and product platform, TS Financial is expected to improve operational efficiency, upgrade its services quality and broaden talent cultivation to expand rapidly," Wu said.

"In a foreseeable future, I believe TS Financial will make a great contribution to society and its shareholders, while its employees are expected to grow with the company," Wu said.

Citing a motto from his late father Wu Ho-su (吳火獅), a respected entrepreneur in Taiwan -- "maintaining the status quo means falling behind, while research and development will lead to progress," Wu said TS Financial will continue to pursue "dedication", "Innovation," and "sustainability."

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Wu said he has been well aware that TS Financial has to go through integration after the merger, so stabilizing personnel and retaining talent will become one of the critical things.

He said he will serve as a cheerleader to push his colleagues to move ahead and build a better career by raising their competitiveness in the market.

The internal letter from Wu echoed a large curtain bearing the four Chinese characters "認真同行," meaning "move forward with dedication," which was hung on the wall of TS Financial's headquarters to symbolize the new company's commitment to resource integration and employee unity.

Speaking on the sidelines of the inauguration ceremony, Lin said he was deeply touched by the completion of the merger to create the new TS Financial after years of hard work by employees of Taishin Financial and Shin Kong Financial.

Lin said TS Financial has set sights on further boosting the company's assets to rank among the top three financial holding firms in Taiwan, emphasizing that the goal needs more efforts to improve operations step by step.

Lin said TS Financial will unveil its operational target in the short term in a cocktail party Thursday afternoon to celebrate the opening of the new company.

Earlier this month, Andy Chang (張書評), senior director of the Financial Services Ratings Department of Taiwan Ratings, said Taishin Financial, which used to run its flagship banking entity -- Taishin International Bank -- was complementary in business with Shin Kong Financial, which had Shin Kong Life Insurance as its major operations.

Taishin Financial aimed to strengthen its life insurance operations through the merger, Chang said.