Daniel Wu: Change for survival
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
CTBC, through its legacy institutions, started out as Taiwan’s first private securities underwriter in 1966. It evolved into a trust and investment business in 1971, brought the first credit cards to Taiwan in 1974 and in 1992 became a private commercial bank when licences were first awarded. In 2002, it became a financial holding company when that licensing regime opened up.
In recent years, the group’s priority has been expanding into insurance, buying the Taiwanese operations of Metlife, Manulife and Taiwan Life in the space of five years. Along the way it changed its name from Chinatrust in 2013.
“China is too confusing a name,” says CTBC president Daniel Wu.