It started out as China Securities Investment Corporation and was later changed into China Investment and Trust Corporation.In 1992, it was converted to a commercial bank with business scopes covering deposits, loans, guarantees, foreign exchange services, offshore banking unit (OBU), trust business, credit cards, securities, bonds, derivatives, e-banking, and the national lottery agent business.Professions are not usually associated with a particular country, yet everybody has heard of the 'Swiss banker'.The cliché is omnipresent in the news, books or movies.Offshore: Perceived Negatives Most of us have heard the most serious allegations against offshore practices.(Indeed, the critics’ voices on both sides of the fence can be loud, their language inflammatory.) At their most heinous, offshore practices are reputed to undermine the mainstream global economic system with a parallel, underground economy.
In October 2015, CTBC Bank, in a first for the banking industry, received approval from the competent authorities to operate within the insurance sector.
Renowned British economist John Kay, for example, sees the implied link between tax havens and the global financial crisis as spurious.
Kay points out that offshore centres didn’t the financial crisis; onshore, regulated banks did.
Since May 17, 2002, it has become one subsidiary of CTBC Financial Holding Co., Ltd.
To maximize operational scope, CTBC Bank merged with Grand Commercial Bank in December 2003, acquired the Fengshan Credit Cooperative in July 2004 and successfully bid to purchase Enterprise Bank of Hualien in May 2007.