TAIWAN’S HSINCHU INTERNATIONAL BANK TO USE REUTERS RISK SYSTEM FOR NEW MARKETS

Taipei – Hsinchu International Bank (HIB), listed on the Taiwan Stock Exchange, has agreed a deal with Reuters, the global information provider, to build and manage its money market, bonds and risk operations using Reuters Kondor+ and Kondor Global Limits. The bank which has about 80 branches, employs some 2500 staff across the country.

Chih-Wei Wu, Chief Executive Officer, Hsinchu International Bank said: “With the implementation of sophisticated technologies and information services such as Reuters Kondor+ and global limits, our bank will have the capability to focus on financial services in the currency market and foreign exchange business.”

“At the same time, we will continue to grow our business in corporate and consumer banking while maintaining margins. This is important as our bank is looking to provide cost-effective services and better enterprise-wide risk management similar to international standards ahead of Basel II requirements. We believe the global Risk Management System from Reuters will support us to develop cross-country business amongst China, Hong Kong and Taiwan. HIB is also providing consultancy to its Taiwanese customers and HIB sees Reuters global risk system as a way to reach out to customers across borders”

Daniel Loh, Senior Company Officer, Reuters Taiwan said: “We are very pleased that HIB, a highly innovative bank in Taiwan, is leading the way with cutting- edge technology to grow its derivatives and structured products businesses in financial services such as the currency market and foreign exchange transactions.

“With strict new global rules to account for risk exposure, this move will ensure that Hsinchu bank will benefit towards compliance with the Basel II Capital Accord as well as global integration with their foreign exchange systems and businesses.”

Kondor Global limits, part of the successful Reuters Kondor suite of global trade and risk management solutions, consolidates credit limit information and manages the data in real-time across all instruments types.

Kondor+ is a real-time position keeping system that offers a sophisticated and flexible means of managing deals and positions across all instruments. Today Reuters has over 12,000 users of its risk systems worldwide at approximately 600 institutions, ranging from single site installations to global roll-outs at top-tier banks.

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