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.