Question 1

What is First Commercial Bank?

Accepted Answer

First Commercial Bank is one of Taiwan's largest and oldest commercial banks, ranking among the country's "Eight Major Banks" (八大行庫). With over 125 years of history, it is a major subsidiary of First Financial Holding Company, which holds 100% of its shares. The bank operates as a universal financial institution serving retail, commercial, and corporate clients throughout Taiwan and across international markets.

As of recent reports, First Commercial Bank maintains capital of NT$122.846 billion and ranks among the world's top 200 banks by total assets and Tier 1 capital. With over 8,000 employees and 183 domestic branches, it is one of Taiwan's largest private banking institutions.

Question 2

When was First Commercial Bank founded?

Accepted Answer

First Commercial Bank traces its origins to November 12, 1899, when it was established as the Savings Bank of Taiwan (臺灣貯蓄銀行) during the Japanese colonial period. The bank's history reflects Taiwan's complex political and economic evolution.

In 1912, it merged with the Commercial and Industrial Bank of Taiwan, and in 1923, it further merged with Chia-I Bank and Hsin-Kao Bank. After Taiwan's return to the Republic of China in 1945, the bank was renamed Taiwan Industrial and Commercial Bank in 1947, and then First Commercial Bank of Taiwan in 1949.

The bank received its current name, First Commercial Bank, in 1976 as part of a strategy to strengthen business internationalization. On January 22, 1998, the bank transformed from a government-owned entity into a private institution. In 2003, it became a subsidiary of First Financial Holding Company, marking another significant milestone in its development.

Question 3

Where is First Commercial Bank headquartered?

Accepted Answer

First Commercial Bank is headquartered at 30 Chung King South Road, Section 1, Taipei City, Taiwan. The bank's distinctive headquarters building is located on Chongqing South Road, which was constructed in 1981 and designed by architect Kuo Mao-Lin. At the time of completion, it was the tallest building in Taiwan.

Beyond its Taipei headquarters, the bank maintains significant operational facilities across Taiwan's major cities to support its nationwide branch network and back-office operations.

Question 4

Where does First Commercial Bank operate?

Accepted Answer

Within Taiwan, First Commercial Bank operates 183 domestic branches spanning the entire island, from major metropolitan areas like Taipei, Taichung, Kaohsiung, and Tainan to smaller cities and townships. The bank maintains one of the most extensive branch networks among private banks in Taiwan.

The bank also serves rural communities through its acquisition of credit departments from several Farmers' and Fishermen's Associations, expanding its reach into agricultural regions. Its distribution includes full-service branches, mini-branches, and specialized business units to serve different market segments across Taiwan.

Question 5

What services does First Commercial Bank offer?

Accepted Answer

First Commercial Bank provides a comprehensive range of financial services including retail banking, commercial banking, corporate lending, wealth management, trade finance, and treasury operations.

Retail Services: The bank offers savings and checking accounts, personal loans, mortgages, credit cards, and consumer financing. Its digital account brand iLEO, launched in 2019, provides mobile-first banking with simplified account opening and integrated digital payment features.

Commercial and Corporate Services: First Commercial Bank provides working capital loans, corporate credit facilities, cash management, trade finance (including letters of credit and export bill negotiation), payroll services, and foreign exchange transactions. Its e-Banking platform offers multi-tier access control for corporate clients to manage accounts and transactions.

Wealth Management: The bank launched "e-First smart wealth management" in 2020, utilizing algorithms from Morningstar with a human-machine collaboration model for asset allocation and investment advice, particularly targeting retirement planning.

Digital Services: First Commercial Bank has invested heavily in digital transformation. Services include mobile banking apps, online account opening with OCR-based ID verification, AI-powered chatbot "Little E" for 24/7 customer service, and integration with various mobile payment platforms including Taiwan Pay, Apple Pay, Google Pay, and Samsung Pay. The bank created a digital brand mascot "小粉獅" (Little Pink Lion) to enhance its digital presence.

International Services: The bank provides comprehensive cross-border banking services, including international remittances, foreign currency deposits and loans, and support for Taiwanese businesses operating overseas.

Question 6

What makes First Commercial Bank unique?

Accepted Answer

First Commercial Bank distinguishes itself through several key characteristics that set it apart in Taiwan's competitive banking market.

Historical Legacy: As Taiwan's oldest private bank and second-oldest overall financial institution, First Commercial Bank holds a unique position in Taiwan's banking history. Its 125+ year legacy provides deep institutional knowledge and strong brand recognition.

Extensive International Network: The bank operates 44 global networks including 21 overseas branches, 11 sub-branches, 3 representative offices, and 1 subsidiary bank (First Commercial Bank USA) with 8 branches and a loan production office. This extensive footprint spans major financial centers including New York, Los Angeles, London, Tokyo, Hong Kong, Singapore, and emerging markets in Southeast Asia (Vietnam, Cambodia, Myanmar, Laos, Philippines) and China.

Early Digital Innovation: First Commercial Bank was among the first traditional banks in Taiwan to establish a digital-only account offering (iLEO) and has pioneered several digital initiatives including Geographic Information System (GIS) technology for corporate loan management and blockchain integration through Cambodia's Bakong system at its Phnom Penh branch.

Equator Principles Signatory: The bank is a signatory to the Equator Principles, demonstrating commitment to environmental and social risk management in project finance.

Government-Affiliated Stability: As one of Taiwan's "Eight Major Banks" with First Financial Holding's largest shareholder being the Government of Taiwan (18.94%), the bank benefits from implicit government backing while operating as a private institution.

Question 7

What type of financial institution is First Commercial Bank?

Accepted Answer

First Commercial Bank is classified as a commercial bank (商業銀行) under Taiwan's Banking Act. In Taiwan's banking regulatory framework, commercial banks are distinguished from professional banks (which focus on specific sectors like agriculture, exports, or small business) and can provide a full spectrum of banking services to individuals, businesses, and institutions.

The bank operates as a universal bank, meaning it combines traditional commercial banking activities with investment banking, wealth management, and other financial services under one institution. This universal banking model is common among Taiwan's major banks and allows First Commercial Bank to serve diverse customer needs across multiple business lines.

Within Taiwan's banking hierarchy, First Commercial Bank is one of the "八大行庫" (Eight Major Banks), a group of the largest government-affiliated banks that play a systemic role in Taiwan's financial system. Despite privatization in 1998, it maintains this classification due to its size, importance, and continued government ownership stake through First Financial Holding Company.

Question 8

What is First Commercial Bank's international expansion strategy?

Accepted Answer

First Commercial Bank has pursued an aggressive international expansion strategy since the 1970s, focusing on three key geographic corridors: Asia-Pacific, North America, and Europe.

The bank established its first overseas branch in Guam in January 1977, making it the only Taiwanese bank in that territory. It was also the first Taiwanese bank to establish a presence in London (1984), demonstrating early commitment to global operations.

Its Southeast Asian network is particularly robust, with operations in Vietnam (Ho Chi Minh City and Hanoi), Cambodia (Phnom Penh with 9 sub-branches), Myanmar (Yangon), Laos (Vientiane), and the Philippines (Manila). This positions the bank to serve Taiwanese businesses investing in these emerging markets.

In Greater China, the bank maintains branches in Hong Kong, Macau, Shanghai, Chengdu, and Xiamen. Its North American presence includes branches across the United States (including a 2021 Houston branch and 2023 Frankfurt branch in Europe), Canada (Vancouver and Toronto), and Australia (Brisbane), providing comprehensive support for Taiwanese businesses and diaspora communities worldwide.

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