http://www.chinapost.com.tw/business/asia/b-taiwan/2009/10/24/229989/DBS-Taiwan.htm
DBS Taiwan aims to replace expat managers
DBS Group Holdings Ltd., Southeast Asia's largest bank, will replace more than 30 expatriate managers in Taiwan who helped integrate the acquisition of Bowa Commercial Bank Co. with locals.
The managers, who came from DBS's Hong Kong and Singapore branches, may start returning as early as next year after their projects are completed, said Philip Lim, the company's head of Taiwan consumer banking. Expatriate executives also have the option of remaining in Taiwan on local pay packages, he said.
“We laid the foundation by implementing DBS culture and rules, and now the locals would be better to manage the bank,” Lim, who will leave Taiwan in mid-2010, said in an interview in Taipei.
Taiwan's government paid DBS NT$44.5 billion to take over Bowa's assets in 2008, according to a statement on the Taiwanese regulator's Web site. DBS has a network of 40 branches on the island after the acquisition.
The cost of employing a local may be around two-thirds of that of an expatriate worker, said Lim, whose package includes housing and payment of the local tax.
“Local staff will cost less than staff from overseas but we will always pay for good hires,” Lim said. He lives at Jaspervilla, a condominium located opposite Taipei 101, the second-tallest building in the world. It costs around NT$120,000 a month to rent a 16-ping apartment at Jaspervilla, according to Sheila Chiu, an agent for the building. One ping is equivalent to 3.3 square meters.
The Taiwan business returned to profit this year after posting a loss of NT$67 million in 2008, Jerry Chen, head of DBS Taiwan, said July 28. In the first eight months of this year, the unit had a pretax profit of NT$438 million, according to data from the Financial Supervisory Commission.
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For local news from non-local mainstream media, visit http://singaporenewsalternative.blogspot.com
.
DBS Taiwan aims to replace expat managers
DBS Group Holdings Ltd., Southeast Asia's largest bank, will replace more than 30 expatriate managers in Taiwan who helped integrate the acquisition of Bowa Commercial Bank Co. with locals.
The managers, who came from DBS's Hong Kong and Singapore branches, may start returning as early as next year after their projects are completed, said Philip Lim, the company's head of Taiwan consumer banking. Expatriate executives also have the option of remaining in Taiwan on local pay packages, he said.
“We laid the foundation by implementing DBS culture and rules, and now the locals would be better to manage the bank,” Lim, who will leave Taiwan in mid-2010, said in an interview in Taipei.
Taiwan's government paid DBS NT$44.5 billion to take over Bowa's assets in 2008, according to a statement on the Taiwanese regulator's Web site. DBS has a network of 40 branches on the island after the acquisition.
The cost of employing a local may be around two-thirds of that of an expatriate worker, said Lim, whose package includes housing and payment of the local tax.
“Local staff will cost less than staff from overseas but we will always pay for good hires,” Lim said. He lives at Jaspervilla, a condominium located opposite Taipei 101, the second-tallest building in the world. It costs around NT$120,000 a month to rent a 16-ping apartment at Jaspervilla, according to Sheila Chiu, an agent for the building. One ping is equivalent to 3.3 square meters.
The Taiwan business returned to profit this year after posting a loss of NT$67 million in 2008, Jerry Chen, head of DBS Taiwan, said July 28. In the first eight months of this year, the unit had a pretax profit of NT$438 million, according to data from the Financial Supervisory Commission.
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For local news from non-local mainstream media, visit http://singaporenewsalternative.blogspot.com
.
