ABN AMRO Bank N. V. is a Dutch bank with headquarters in Amsterdam. ABN AMRO Bank is the third-largest bank in the Netherlands, it was re-established in its current form in 2009, following the acquisition and break-up of the original ABN AMRO by a banking consortium consisting of Royal Bank of Scotland Group, Santander Group and Fortis. Following the collapse of Fortis, who acquired the Dutch business, it was nationalized by the Dutch government along with Fortis Bank Nederland, it was relisted as a public company again in 2015. The bank is a product of a long history of mergers and acquisitions that date to 1765. In 1991, Algemene Bank Nederland and AMRO Bank agreed to merge to create the original ABN AMRO. By 2007, ABN AMRO was the second-largest bank in the Netherlands and the eighth-largest in Europe by assets. At that time the magazine The Banker and Fortune Global 500 placed it 15th in the list of world's biggest banks and it had operations in 63 countries, with over 110,000 employees. In October 2007, a consortium of the Royal Bank of Scotland Group and Banco Santander, known as RFS Holdings B.
V. acquired the bank, in. The bank was divided into three parts, each owned by one of the members of the consortium. However, RBS and Fortis soon ran into serious trouble: the large debt created to fund the takeover had depleted the banks' reserves just as the financial crisis of 2007–2010 started; as a result, the Dutch government stepped in and bailed out Fortis in October 2008, before splitting ABN AMRO's Dutch assets from those owned by RBS, which were assumed by the UK government due to its bail-out of the British bank. The operations owned by Santander, notably those in Italy and Brazil, were merged with Santander, sold or eliminated; the Dutch government appointed former Dutch finance minister Gerrit Zalm as CEO to restructure and stabilise the bank, in February 2010 the assets it owned were demerged from those owned by RBS. This demerger created two separate organisations, ABN AMRO Bank N. V. and The Royal Bank of Scotland N. V; the former was merged with ABN AMRO Private Banking, Fortis Bank Nederland, the private bank MeesPierson and the diamond bank International Diamond & Jewelry Group to create ABN AMRO Group N.
V. with the Fortis name being dropped on 1 July 2010. The remaining parts of the original ABN AMRO still owned by The Royal Bank of Scotland N. V. sold or closed. The Dutch government has said that ABN AMRO would remain state-owned until at least 2014. On November 20, 2015, the Dutch government publicly re-listed the company through an IPO and sold 20% of the shares to the public. See the articles on AMRO Bank and Algemene Bank Nederland In 1824, King William I established the Nederlandsche Handel-Maatschappij a trading company to revive trade and financing of the Dutch East Indies and it would become one of the primary ancestors of ABN AMRO; the NHM merged with the Twentsche Bank in 1964 to form Algemene Bank Nederland. In the same year, the Amsterdamsche Bank, established in 1871, merged with the Rotterdamsche Bank, established in 1873, to form Amsterdamsche en Rotterdamsche Bank. In 1991, ABN and AMRO Bank agreed to merge to create ABN AMRO. Through these mergers and acquisitions, ABN AMRO gained a large number of overseas companies and branches.
From NHM, it owned a significant branch network in the Middle East. One of these, the Saudi Hollandi Bank was owned by the NHM Jeddah branch and in which ABN AMRO still had a 40% stake, caused questions in the Dutch parliament from the political Party for Freedom. Another, the Hollandsche Bank-Unie, which grew from the merger of the Hollandsche Bank voor de Middellandsche Zee and the Hollandsche Zuid-Amerika Bank in 1933, gave ABN AMRO an extensive network of branches in South and Central America. In 1979, ABN expanded into North America with the acquisition of Chicago-based LaSalle National Bank. After the merger of ABN and AMRO Bank in 1991, the corporation continued to grow through a number of further acquisitions, including the 1996-purchase of suburban Detroit based Standard Federal Bank followed five-years by the acquisition of its Detroit-based competitor Michigan National Bank, rebranded as Standard Federal. In 2005, Standard Federal became LaSalle Bank Midwest to unite the two components.
ABN AMRO purchased The Chicago Corporation, an American securities and commodities trading and clearing corporation in fall 1995. Other major acquisitions included the Brazilian bank Banco Real in 1998 and the Italian bank Antonveneta in 2006, it was involved in the controversial acquisition of the Dutch local government mortgage and building development organisation, the Bouwfonds in 2000. ABN AMRO sold the Bouwfonds as a going concern in 2006. ABN AMRO had come to a crossroads in early 2005; the bank had still not come close to its own target of having a return on equity that would put it among the top-five of its peer group, a target that the CEO, Rijkman Groenink had set upon his appointment in 2000. From 2000 until 2005, ABN AMRO's stock price stagnated. Financial results in 2006 added to concerns about the bank's future. Operating expenses increased at a greater rate than operating revenue, the efficiency ratio deteriorated further to 69.9%. Non-performing loans increased year on year by 192%.
Net profits were only boosted by sustained asset sales. In 2006, research findings were publicly released regarding ABN AMRO Bank N. V. predecessors and connections to African s
Private banks are the banks owned by either the individual or a general partner with limited partner. Private banks are not incorporated. In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets; these banks have a long tradition in Switzerland, dating back to at least the Revocation of the Edict of Nantes. Private banks have a long tradition in the UK where C. Hoare & Co. has been in business since 1672. This list contains two types of banks: Unincorporated banks owned by either an individual or a general partner with limited partner. Incorporated banks specialized in wealth management for high-net-worth individuals. Compagnie Financière Edmond de Rothschild, founded in 1953. Hamburg, founded in 1798 Sal. Oppenheim, founded in 1789. LGT Bank, founded in 1920. Maduro & Curiel's Bank, founded in 1917 MeesPierson, founded in 1720: a member of ABN AMRO Bankia banca privada Bankinter banca privada BBVA gestión de patrimonios CaixaBank Banca Privada Santander Private Banking BNP Paribas Wealth Management Credit Suisse banca privada UBS Wealth Management, UBS Bank Banque privée Edmond de Rothschild, founded in 1923.
Basel, founded in 1787 Landolt & Cie, founded in 1780 Lombard Odier & Cie, founded in 1796 NBAD Private Bank SA, founded in 2007. London, founded in 1833 Brown Shipley, founded in 1810. Hoare & Co. London, founded in 1672 Coutts & Co. London, founded in 1692. Edinburgh, founded in 2015 Weatherbys, Established in 1770 as a bank to the horse racing industry, now based in Northamptonshire Brown Brothers Harriman & Co. New York City, founded in 1818Turner Private Company - TBH Private Banking, Naples, FL, founded 1992 Bank secrecy Family office Offshore bank Public bank Swiss bank Swiss Private Bankers Association
TMB Bank is a Thai transactional bank based in Bangkok. It has been listed on the Stock Exchange of Thailand since 23 December 1983. In FY2014, TMB reported 9.5 billion baht in net profit, up from 1.9 billion baht in 2009. It employed 8,854 persons at 460 branches. TMB in 2014 had 2,365 ATMs. TMB was the brainchild of Field Marshall Sarit Thanarat, he endeavoured to establish a commercial banking business to provide financial services to military personnel under the Commercial Banking Act B. E. 2488. The bank started in 1957, but only opened its first branch, Rajaprasong Branch, in Bangkok in 1963. In 1973 it became a full commercial bank with the general public as its customer base, it adopted the slogan, "Thai Military Bank, the Bank for all people". In 2005, TMB adopted the new official name in English, "TMB Bank Public Company Limited", the present-day corporate logo, a new slogan, "Better Partner, Better Value". TMB has adopted "Make THE Difference" as its corporate philosophy. "Make THE Difference" concept grounds on TMB's confidence that everyone has the caliber to think and do things with a constructively different approach to bring a better "change" to themselves and the world around them.
Based on "Make THE Difference" philosophy, TMB set up FAI-FAH as its main corporate social responsibility programme. FAI-FAH is a learning centre where free courses in cooking, singing and other subjects are offered to low-income teenagers. There are two FAI-FAH centres. Many of the children who have been trained by the center have return to their communities and initiated community development programme, with the help of TMB staff who work as volunteers. On 14 April 2015, The Asian Banker Leadership Achievement Awards presented the "Best CEO in Asia Pacific 2015" award to Boontuck Wungcharoen, TMB CEO, the "Best Managed Bank in Asia Pacific" award to TMB; the award ceremony took place during the Asian Banker Summit in Hong Kong. Both Boontuck and TMB are the first from Thailand to receive the accolade. In its announcement of the awards, the Asian Banker said, "...the bank has changed from a loss-making institution to a profitable one. Its net profit in 2014 rose by 66.2%—the highest among Thai banks.
Net profit improved five-fold from. Non-performing loan ratios dropped from 12.7% in 2009 to 2.9% in 2014 and cost-to-income ratios decreased from 77% in 2009 to 53% in 2014."Mr. Boontuck was named "Financier of the Year 2014" by Money and Banking magazine. Major shareholders as of 24 April 2015 Thai Ministry of Finance – 25.98% ING Group - 25.08% Thai NDVR - 8.73% State Street Bank Europe Limited - 8.73% Chase Nominee Limited - 2.55% Official website
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
HSBC Holdings plc is a British multinational banking and financial services holding company. It is the 7th largest bank in the world, the largest in Europe, with total assets of US$2.558 trillion. HSBC traces its origin to a hong in Hong Kong, its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; the origins of the bank lie in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865. The HSBC name is derived from the initials of the Shanghai Banking Corporation; the company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its "home markets". HSBC has around 3,900 offices in 67 countries and territories across Africa, Oceania, North America, South America, around 38 million customers; as of 2014, it was the world's sixth-largest public company, according to a composite measure by Forbes magazine. HSBC is organised within four business groups: Commercial Banking, Global Banking and Markets, Retail Banking and Wealth Management, Global Private Banking.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 6 July 2012, it had a market capitalisation of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell. It has secondary listings on the New York Stock Exchange, Euronext Paris, the Bermuda Stock Exchange. In February 2015, the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks; the ICIJ alleges that the bank profited from doing business with other clients. The BBC reported that HSBC had put pressure on media not to report about the controversy, with British newspaper The Guardian claiming HSBC advertising had been put "on pause" after The Guardian's coverage of the matter. Peter Oborne, chief political commentator at The Daily Telegraph, resigned from the paper. In 2016, HSBC was sued by Mexican families involved in deaths by organized-crime gangs for processing funds for the Sinaloa cartel.
The Hongkong and Shanghai Bank was founded by Scotsman Thomas Sutherland in the then-British colony of Hong Kong on 3 March 1865, in Shanghai a month benefiting from the start of trading into China, including opium trading. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866. In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance made in 1929, to The Hongkong and Shanghai Banking Corporation Limited, became registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong. HSBC Holdings plc incorporated in England and Wales, in the United Kingdom, as Vernat Trading Company Limited on 1 January 1959 and renamed Vernat Eastern Agencies Limited in the same year, was by a non-trading, dormant shelf company under a different, nominal name, when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China.
HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6 billion. In July 2001 HSBC bought an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc. through a new subsidiary and Tax Advisory Services USA Inc. would purchase a portion of Andersen's tax practice.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. In August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion. In November 2002, HSBC expanded further in the United States. Under the chairmanship of John Bond, it spent £9 billion to acquire Household Finance Corporation, a US credit card issuer and subprime lender. In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude, the deal of the first decade of the 21st century". Under the new name of HSBC Finance, the division was the second largest subprime lender in the United States; the new headquarters of HSBC Holdings at 8 Canada Square, London opened in April 2003. In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8 million. In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai. In the United Kingdom HSBC acquired
Sharia, Islamic law or Sharia law is a religious law forming part of the Islamic tradition. It is derived from the religious precepts of Islam the Quran and the Hadith. In Arabic, the term sharīʿah refers to God's immutable divine law and is contrasted with fiqh, which refers to its human scholarly interpretations; the manner of its application in modern times has been a subject of dispute between Muslim fundamentalists and modernists. Traditional theory of Islamic jurisprudence recognizes four sources of sharia: the Quran, sunnah and ijma. Different legal schools—of which the most prominent are Hanafi, Shafi'i, Hanbali and Jafari—developed methodologies for deriving sharia rulings from scriptural sources using a process known as ijtihad. Traditional jurisprudence distinguishes two principal branches of law, ʿibādāt and muʿāmalāt, which together comprise a wide range of topics, its rulings are concerned with ethical standards as much as with legal norms, assigning actions to one of five categories: mandatory, neutral and prohibited.
Thus, some areas of sharia overlap with the Western notion of law while others correspond more broadly to living life in accordance with God’s will. Classical jurisprudence was elaborated by private religious scholars through legal opinions issued by qualified jurists, it was applied in sharia courts by ruler-appointed judges, who dealt with civil disputes and community affairs. Sultanic courts, the police and market inspectors administered criminal justice, influenced by sharia but not bound by its rules. Non-Muslim communities had legal autonomy to adjudicate their internal affairs. Ottoman rulers achieved additional control over the legal system by promulgating their own legal code and turning muftis into state employees; the Ottoman civil code of 1869–1876 was the first partial attempt to codify sharia. In the modern era, traditional criminal laws in the Muslim world have been replaced by statutes inspired by European models. Judicial procedures and legal education were brought in line with European practice.
While the constitutions of most Muslim-majority states contain references to sharia, its classical rules were retained only in personal status laws. Legislators who codified these laws sought to modernize them without abandoning their foundations in traditional jurisprudence; the Islamic revival of the late 20th century brought along calls by Islamist movements for full implementation of sharia, including hudud corporal punishments, such as stoning. In some cases, this resulted in traditionalist legal reform, while other countries witnessed juridical reinterpretation of sharia advocated by progressive reformers; some Muslim-minority countries recognize the use of sharia-based family laws for their Muslim populations. The role of sharia has become a contested topic around the world. Introduction of sharia-based laws sparked intercommunal violence in Nigeria and may have contributed to the breakup of Sudan; some jurisdictions in North America have passed bans on use of sharia, framed as restrictions on religious or foreign laws.
There are ongoing debates as to whether sharia is compatible with secular forms of government, human rights, freedom of thought, women's rights, LGBT rights, banking. The word sharīʿah is used by Arabic-speaking peoples of the Middle East to designate a prophetic religion in its totality. For example, sharīʿat Mūsā means law or religion of Moses and sharīʿatu-nā can mean "our religion" in reference to any monotheistic faith. Within Islamic discourse, šarīʿah refers to religious regulations governing the lives of Muslims. For many Muslims, the word means "justice," and they will consider any law that promotes justice and social welfare to conform to sharia. Jan Michiel Otto distinguishes four senses conveyed by the term sharia in religious and political discourse: Divine, abstract sharia: God's plan for mankind and the norms of behavior which should guide the Islamic community. Muslims of different perspectives agree in their respect for the abstract notion of sharia, but they differ in how they understand the practical implications of the term.
Classical sharia: the body of rules and principles elaborated by Islamic jurists during the first centuries of Islam. Historical sharia: the body of rules and interpretations developed throughout Islamic history, ranging from personal beliefs to state legislation and varying across an ideological spectrum. Classical sharia has served as a point of reference for these variants, but they have reflected the influences of their time and place. Contemporary sharia: the full spectrum of rules and interpretations that are developed and practiced at present. A related term al-qānūn al-islāmī, borrowed from European usage in the late 19th century, is used in the Muslim world to refer to a legal system in the context of a modern state; the primary range of meanings of the Arabic word šarīʿah, derived from the root š-r-ʕ, is related to religion and religious law. The lexicographical tradition records two major areas of use where the word šarīʿah can appear without religious connotation. In texts evoking a pastoral or nomadic environment, the word, its derivatives refer to watering animals at a permanent water-hole or to the seashore, with special reference to animals who come there.
Another area of use relates to notions of lengthy. This range of meanings is cognate with the Hebrew saraʿ and is to be the origin of the meaning "way" or "path". Both these areas have been claimed to have given rise to aspects of the religious m
Mega International Commercial Bank
The Mega International Commercial Bank is a subsidiary of Mega Financial Holding Company. It is one of the banks in Taiwan with 105 branches in Taiwan and with 17 branches, two representative offices and two wholly owned subsidiaries abroad; the bank's total workforce is over 5,100 and its aggregate paid-in capital is NT$64.1 billion. Mega International Commercial Bank Co. Ltd. came into being on December 31, 2002, as a result of the merger of the historic International Commercial Bank of China and Chiao Tung Bank. The International Commercial Bank of China was the name by which the Bank of China came to be known after its privatization in Taiwan in 1971; the Bank of China's reserves had been transferred from mainland China to Taiwan prior to the Chinese Communist Party's takeover of the mainland in 1949. Like most banks, the Bank of China was not allowed to resume operations in Taiwan; the Bank of China begin as the Hubu Bank of the Qing dynasty. It came to be known as the Ta Ch'ing Bank before being renamed Bank of China after the establishment of the Republic of China in 1912.
The bank's headquarters were at 3 Hank'ou Road in the International Settlement of Shanghai. The bank, authorized to issue banknotes, broke free from the Yuan Shih-k'ai government's control in 1916 under the leadership of Chang Kia-ngau, became a private, merchant-owned bank in 1923 when the cash-strapped Peking government sold all but a symbolic number of its shares to private investors. During the 1920s and 1930s, the Bank of China was by far the largest in China. In 1928, the Bank of China funded the government's creation of the Central Bank of China, in exchange was allowed to remain independent, it was chartered to serve as the nation's international exchange bank and was entrusted with efforts toward the promotion of foreign trade, the supply of foreign exchange, the general financing of home industries. The Chiao Tung Bank was a direct successor of the Chiao Tung Bank/Bank of Communications established in 1908 during the final years of the Qing era. After the establishment of the Republic of China in 1912, the Chiao Tung Bank was authorized to issue banknotes backed by silver reserves.
Government ownership of the bank was reduced to a minority during the instability of the Yuan Shih-k'ai regime and the Northern Warlords era. The bank financed the creation of the Central Bank of China in 1928 and was considered one of the Republic of China's top four banks; the Bank of China and the Chiao Tung Bank both became government-owned quite during the Shanghai financial crisis of 1935. Finance Minister H. H. Kung, who had worked to erode the independence of Shanghai's powerful bankers, forced both banks to create new shares which gave the government majority ownership; these new shares were purchased through overvalued government bonds meant to finance the government's deficit and increase the Central Bank of China's capital. After the 1949 establishment of the People's Republic of China on the mainland, both banks' operations were split, though their management and most liquid assets were transferred to Taiwan, they were not permitted to resume operations in Taiwan given the uncertain situation in the early 1950s.
Both banks' assets on the mainland were seized by the Communist Party, which limited banking until the 1980s. The Bank of China's branches in Tokyo and the Americas remained under the Taipei-based ICBC, while other branches in Asia, including Hong Kong, came under the PRC-controlled Bank of China. A new Bank of Communications was established in the PRC in 1987. During the mid to late 1990s, many state-owned financial institutions in Taiwan were restructured and merged for greater efficiency; the Chiao Tung Bank was privatized in 1999 underwent a series of consolidations. In 2002, it was merged with the International Commercial Bank of China under a single financial holding, which in 2006 came to be consolidated into a single bank—the Mega International Commercial Bank, it was argued at the time that the bank's former initials, ICBC, could lend it to be confused with the Industrial and Commercial Bank of China. However, the re-branding was controversial in Taiwan as many saw the change as a costly exercise meant to remove any reference to China from its name.
In March and April 2008, Mega International Commercial Bank featured prominently in the news in Taiwan because the wife of president-elect Ma Ying-jeou, Christine Chow, had declared her intention to continue working as the bank's legal counsel. In May 2008, she was permitted to retire from the bank. In August 2016, in the wake of the Panama Papers scandal, the bank was fined $180 million for violating laws against money laundering by a New York State regulators in the US, which described its compliance program as a “hollow shell.” The bank entered into a consent order entered into New York's Department of Financial Services to correct admitted violations, "including engaging an independent monitor to address serious deficiencies within the bank’s compliance program and implement effective anti-money laundering controls." Former President Lee Tung-hui assigned blame for this malfeasance to Kuomintang officials who had run the bank for decades. Mega International Commercial Bank consists of seven groups of businesses: Corporate Banking Group Retail Banking Group Investment Banking Group Financial Market Group Planning & Information Group Risk Management Group Administration Group There are a total of eight committees: Loan Committee Investment Committee Problem Loan Committee Fund Management Committee Assets & Liabilities Management Committee