Bill Finance to become financial holding firm

The China Post staff

The International Bill Finance Corporation held its annual shareholders’ meeting yesterday, deciding to transform itself into a financial holding company via exchange of shares at a proportion of 10.

During the meeting, the shareholders also elected the board of directors and supervisors for the yet to exist financial holding company. The company’s decision was made on prediction for the Financial Holding Company Law to be passed by the Legislative Yuan, which will convene a special two-day session starting June 27 to pass six financial laws, including the Financial Holding Company Law. International Bill Finance reported a pre-tax profit of NT$1.743 billion for last year and an after-tax profit of NT$1.61 billion. With an EPS (earnings per share) of NT$0.89, it initiated to allocate stock dividends of NT$0.58 per share. After being transformed into a financial holding company, International Bill Finance will operate with a capital of NT$30 billion.

By electing a new board of directors, the company’s shareholders inducted several “external directors” onboard. External directors are professionals who have no stake in a company but will bring in with them their rich experience and expertise to enhance the management and operation of the company. Among the elected external directors are Ling Cheng-kuo, former finance minister and ex-chairman of the China External Trade Development Council (CETRA); Wong Da-ming, CEO of Hualon Corp. and Mai Chao-cheng, president of the Chung-hua Institution for Economic Research.