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Taiwan's FSC fines ANZ, approves Zurich Insurance's sale of local unit


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Taiwan's FSC fines ANZ, approves Zurich Insurance's sale of local unit

Taiwan's Financial Supervisory Commission fined Australia & New Zealand Banking Group Ltd. NT$4 million for selling yuan-linked target redemption forwards to unqualified customers, Taipei Times reported Dec. 9.

The commission said ANZ facilitated the sale of the complex derivatives products to unqualified customers after helping them meet the criteria for professional investors. The sale resulted in massive losses for the customers after the value of the yuan fluctuated.

The bank also helped its customers establish offshore accounts and subsidiaries to facilitate the sale of target redemption forwards, according to the commission.

Separately, the regulator approved Hotai Motor Co.'s acquisition of a 99.73% stake in Zurich Insurance (Taiwan) Ltd. for less than NT$6.9 billion. Zurich Insurance Group Ltd. had in June agreed to sell its general insurance operations in Taiwan to Hotai Motor after seeing little room for the operations to grow in a scale that would justify further investments.

As of Dec. 8, US$1 was equivalent to NT$31.71.