Everything about Bank Of Taiwan totally explained
» For the SBL basketball team, see Bank of Taiwan (basketball)
The
Bank of Taiwan (
BOT, ) is a government-owned
bank in
Taipei City,
Taiwan. The Bank of Taiwan was first established as central bank of
Taiwan during the Japanese rule. In order to assist the economic development, "Bank Act of Taiwan" was promulgated in
1897 and the Bank of Taiwan was established in
1899 to encourage Japanese private sectors, including
Mitsubishi and the
Mitsui Group, to invest in Taiwan. There was extensive cooperation between
Nippon Kangyo Bank and Bank of Taiwan in Taiwan island. A banking crisis in
1927 was relieved with the assistance from
Bank of Japan. During Japan's military expansion, branches were extended into other parts of
Asia where the
empire had strong influences, including
China and
Southeast Asia.
After the Japanese surrender in
1945, the ROC government took over the Bank of Taiwan and issued the old Taiwan dollars, also known as Taiwan Nationalist Yuan, through the Bank of Taiwan. Later in
1949, the Bank of Taiwan issued the
New Taiwan dollar to curb the severe deflation of the value of old Taiwan dollars. After the loss of the
mainland in the
Chinese Civil War by the
Kuomintang and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the
central bank of the ROC until the
Central Bank of China was reestablished in
1961. The Bank of Taiwan was governed under the
Taiwan Provincial Government until
1998 when governance was transferred to the ROC Finance Ministry. In
2001, the duty of issuing New Taiwan dollars was transferred to the
Central Bank of China.
The Bank of Taiwan currently operates a total of 169 domestic branches as well as branches in Mainland China and Hong Kong. Branches have also been established overseas in New York, Los Angeles, London, Singapore, Tokyo and South Africa.
In July 2007, the Bank of Taiwan merged with the
Central Trust of China (中央信託局) as part of a government financial reform package. The bank continues to operate as an independent company taking over some aspects of the Trust's banking business. In January 2008, the Bank became part of the
Taiwan Financial Holding Group (臺灣金融控股公司), which also contains the
Land Bank of Taiwan, The
Export-Import Bank of China,
BankTaiwan Securities and
BankTaiwan Life Insurance.
Further Information
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