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Sinopac: no TRF claimants
Taiwan News, Staff Writer
2014-06-12 12:11 PM

Sinopac Financial Holdings (2890) held a regular shareholders meeting Thursday. Sinopac chairman Ho Shou-chuan stated, Sinopac’s RMB risk exposure conforms to regulations and target redemption forward (TRF) contract sales risk has also been brought under control.


Ho stated, the RMB to US$ exchange rate has recently returned to a standard of approximately 6.22. Viewing the status of customers in this light, risk has been largely removed.


Sinopac president Tina Chiang added, Sinopac is not the only domestic institution selling TRF products. More than 10 other banks also sell TRFs. To date, no Sinopac client position has been unsettled, losses have been minor at approximately US$2 million, and no client has claimed compensation.


Sinopac’s shareholders meeting approved the company’s 2013 financial statement and dividend proposal. Sinopac posted 2013 net profit of NT$10.79 billion, EPS of NT$ 1.32, and a dividend distribution of NT$1.143 per share including a cash dividend of NT$0.335 and a stock dividend of NT$0.808.


The meeting also approved a NT$15 billion capitalization in preparation for a private placement investment by the Industrial and Commercial Bank of China.

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