Taiwan allows 3 banks to launch wealth management programs for wealthy clients

Taiwan's Financial Supervisory Commission granted approval to three local banks to launch wealth management programs for high-net-worth clients, the Taipei Times reported Jan. 1, citing Banking Bureau Deputy Director General Huang Kuang-hsi.

The regulator allowed CTBC Bank Co. Ltd., Mega International Commercial Bank Co. Ltd. and Shanghai Commercial & Savings Bank Ltd. to start the programs over the next three years, citing the lenders' solid regulatory compliance records.

Meanwhile, the FSC did not grant approval to six other lenders for such programs, according to Huang.