Best bank
Chinatrust Commercial Bank best equities house
Goldman Sachs
Best debt house
Deutsche Bank
Best M&A house
Morgan Stanley
Total assets following the acquisition are NT$1.2 trillion, ($29 billion). Pre-tax profit for fiscal 2003 jumped 15.7% to NT$18.2 billion.
The merger with GCB has improved all areas of Chinatrust’s business, including trade finance, cash management and treasury. But it is on the retail banking side that GCB has added most. Chinatrust now has more than 6 million card customers and is the leading internet bank in Taiwan.
Goldman Sachs was comfortably the best equity house in Taiwan over the past 12 months. It raised $2.4 billion from 11 new issues and $1.43 billion from seven accelerated book builds and block trades.
Taiwan’s largest equity offering ever, the $1.6 billion ADR IPO from Chunghwa Telecom, was successfully launched by Goldman Sachs, as was the $1.1 billion follow-on ADR for TSMC, the world’s largest contract semiconductor manufacturer. Goldman achieved a zero discount pricing against the underlying share price for the issue. It raised a further $917 million for TSMC later in the year.
Deutsche Bank’s improvement in market position in the new Taiwanese dollar bond market is impressive. This time last year it sat in sixth position with a 4.7% market share. This year, it takes the award for best debt house in Taiwan, with second place overall behind local bank Chinatrust, having raised NT$59.6 billion from 22 issues and achieved a market share of 11.2%.
The past 12 months produced several firsts among Deutsche Bank’s Taiwanese debt issues. The NT$5 billion note issue from Taipei Bank was the first ever 10-year note issue in Taiwan. The NT$4.28 billion RMBS transaction for First Commercial Bank was Taiwan’s first residential mortgage backed securitization.
Morgan Stanley’s performance in the past 12 months in completing four M&A deals from a total of 18 deserves credit. It completed deals in several sectors, demonstrating sector expertise and the quality of its coverage. The bank also acted as sole adviser on most of its deals. Morgan Stanley advised Chinatrust Commercial Bank on its $588 million acquisition of Grand Commercial Bank – the first successful public auction of a private Taiwanese bank.
Among other deals, Morgan Stanley also advised NTT DoCoMo on the merger of Far Eastone and KG Telecom in Taiwan.
