1.Jih Sun Financial Holding Co., Ltd.
Since the inception of Jih Sun Financial Holding Co., Ltd., Jih Sun Securities Co., Ltd., Jih Sun International Commercial Bank Ltd, and Jih Sun International Insurance Agency Co., Ltd. were re-structured as subsidiaries under the financial holding company. The 2009 business strategies of Jih Sun Financial Holding Co., Ltd. are described below:
I.Improve financial structure; increase overall profitability
Through the raise of additional capital, we shall obtain sufficient funding for group-wide operations while strengthening The Company's financial structure and reducing overdue loan ratios; we shall also plan for the optimal asset allocation for each of our business activities to control operating costs and raise The Company's overall profitability.
II. Integrate cross-selling efforts; create group synergies
Through the sharing of group resources and the promoter of Jih Sun Ambassador, all business units under the group shall collaborate on cross-selling to fully utilize our strengths in product diversity and marketing skills. Our marketing efforts will be allocated based on customer relationship management and product effectiveness analyses to fulfill customers' diverse needs and create synergies.
III. Strengthen customer relationships; increase fee income
Manage customers' needs in all aspects, act in customers' best interests to offer the most suitable financial products, gain customers' satisfaction and trust while increasing the amounts, as well as the weight, of fee income from various business activities.
IV. Increase returns from less risky assets; enhance preventive risk management Review and validate the structure of our risk models.
Reduce losses on risky assets of various categories by implementing operational risk reporting and automated self-evaluation systems, verifying accounting entries and the data quality of operational losses reported, and enhancing risk management through Basel II-compliant management and procedures. Focus on developing less risky business opportunities to improve our overall asset quality.
V. Explore E-commerce opportunities; segment niche customers
Establish interfaces between product platforms to structure an international networked platform and guide customers toward the use of electronic banking and securities trading systems for higher operating efficiency. Satisfy customers' need for timely services while reducing human processing costs. Further more, we shall be enabled to segment niche customers, introduce more diversity into our service and product portfolios to capture the demands of niche customers.
VI.

Raise customer satisfaction; unleash full potential of a financial holding structure
Satisfy customers' needs by developing new products based on the customers' characteristics; complement our efforts with internal customer satisfaction programs such as service ambassador, secret surveys, and satisfaction surveys via electronic platforms etc. Our goal is to achieve full-scale improvements in customer satisfaction that brand us the ideal financial partner.

VII. Promote process restructuring; enhance cost efficiency
Actively improve our various risk costs, credit costs, and operating costs. Reduce internal operating costs and improve efficiency by restructuring our existing processes, such as: automated services, improved production efficiency, organization restructuring, and the implementation of the standardized procedure.
VIII. Establish overseas platforms; raise brand image
Continue promoting businesses in Taiwan, Hong Kong, China, and other foreign regions through foreign subsidiaries such as Jih Sun CRESVALE, OBU platform, or other channels in compliance with government regulations and policies. Raise The Company's brand awareness and brand image through propaganda and marketing events that eventually improve our overall corporate value.
2.Jih Sun Securities Co., Ltd.

Security brokerage shall remain as the main source of income for Jih Sun Securities Co., Ltd. in 2009. The authority has re-permitted the short-selling of 150 companies below their previous closing prices, which shall stimulate more active trading within the stock market. According to the projections from most market analysts, the Taiwan stock market index may still challenge the 6,000 level during the second half of 2009; this shall attract daily trading volumes averaging more than NT$100 billion that will boost the profitability of security brokerage firms. As for the bond market, market participants expect that the economic outlook for the first half of the year remains uncertain and Taiwan's Central Bank may continue to lower interest rates by 3 to 4 basis points. Capital gains from bonds shall become another profit source for security brokerage firms. In addition, the third Chen/Jiang meeting is taking place during the first half of 2009, and the signing of the financial MOU shall introduce more security-related businesses between China and Taiwan, by loosening restrictions such as the caps of QFII's investments in the Taiwan stock market. Security brokerage and underwriting between China and Taiwan shall become the new profit drivers to the financial security industry in the next few years.

On 14 Nov 2008, Fitch Ratings confirmed the domestic long-term credit rating of Jih Sun Securities Co., Ltd. as "A-(twn)" , the domestic short-term credit rating as "F2(twn)" , and gave a rating prospect of "negative" . The business plans of Jih Sun Securities Co., Ltd. for 2009 are described below: I. Brokerage business:

I.Brokerage business:
(I) Expand the asset size of our wealth management Group.
(II) Raise sales force productivity.
(III) Enhance budget and cost control; ensure that every dollar is spent in the most appropriate way.
(IV) Integrate resources across business units within the group, strengthen the customer relationship, create cross-selling synergies, and improve competitive advantages.
(V) Raise customer satisfaction and brand image; intensify training of service staff, implement ratings-based customer management.
(VI) Effectively balance between brokerage commission discounts and business solicitation; ensure the profitability of our business growth.
II. Proprietary trading business : consolidate analyses and opinions from various research units, cautiously select investment targets and grasp the upcoming trends while stringently monitoring risks of all aspects to achieve profit stability.
III. Fixed income business: focus on increasing trading profits and fee incomes as the business development strategy.
IV. Futures proprietary trading business: market-making for futures and options products; stimulate market trading activities and lower transaction costs; develop trading strategies for our holding positions; maximize profitability within the contexts of stringent risk management.
V. Derivatives products business: apart from the introduction and market-making of businesses permitted by the authority, we shall also structure and issue equity stock-linked products to provide wider variety of financial services to customers.
VI.

Underwriting and share administration business: expand from our existing base, and intensify our development of new IPO and SPO customers.

Explore public listing opportunities of overseas Taiwanese enterprises in the local market; introduce share administration services to underwriting customers and increase fee income. In the future, Jih Sun shall uphold its belief and core value in perpetual business to provide the best, the most innovative and the most efficient services to its customers; it is our wish to become our customers' closest financial partner. While pursuing for the best business performance, we shall also deliver our promise for all-win results for our shareholders, employees, and customers.

3.Jih Sun International Commercial Bank Co., Ltd

Our prospects in year 2009 are conservative as credit risk remains high following the economic downturn; the declining economy will continue holding back the domestic lending volume while the interest spread is expected to be compressed further under a low interest environment, and the bank's growth in net interest revenues will be negatively affected. However, the third Chen/Jiang meeting between China and Taiwan is scheduled to take place in the first half of 2009, and it is highly likely that the financial MOU (Memorandum Of Understanding) will be signed during the meeting; this memorandum is expected to benefit financial institutions in both China and Taiwan. Possible benefits to Taiwanese banks include the upgrade of China offices into branches, licensed lending and depositing of Renminbi, and ownership of Chinese banks. Taiwanese banks may be granted the opportunity to participate in the enormous banking opportunities in China, which shall become another driving force for the growth of our finance industry.

Jih Sun International Commercial Bank continues to serve its target customers with the utmost innovative spirit. We shall actively expand our business scope and maximize shareholders value under the framework of our four major business functions. Business plans for the current year are described below:

I.Individual Financial Services Group
(I) Deepen customer relationship; explore value-added services to existing products.
(II) Strengthen asset structure; increase less risky revenues.
(III) Establish distribution network; explore new forms of commercial opportunities.
(IV) Enhance the effectiveness of risk management; improve asset quality.
(V) Employ and retain talented employees; enforce successor training programs.
II. Corporate Financial Services Group
(I) Implement customer segmentation and provide differentiated services with China, Hong Kong, and Taiwan as niche markets.
(II) Penetrate the Taiwanese market; increase the scope and depth of customer relationship.
(III) Shift our revenue focus from interest-bearing loans to fee-based income and maintain stable profit growth.
(IV) Actively explore E-commerce opportunities and become the leading brand name for corporate Internet banking services.
III. Wealth Management Group
(I) Expand the asset size of our wealth management segment.
(II) Effectively improve the average productivity of our financial advisors.
(III) Enhance cost control and reduce ineffective expenses.
(IV) Integrate resources across business units within the group, strengthen customer relationship, create cross-selling synergies, and improve competitive advantage.
(V) Raise customer satisfaction and brand image; intensify training of service staff, implement ratings-based customer management.
IV. Investment and Proprietary Trading Group
(I) Foreign exchange: actively participate in spot exchanges; seek stable trading profits through the use of cross-tenor trading strategies.
(II) Interest rate: since credit risk and liquidity risk are still substantial, the Treasury Department shall reduce credit risk exposure and trade mainly government bonds with sound liquidity. Interest rate futures and swaps will be attached to interest rate sensitive assets to manage and hedge against interest rate volatility.
(III) Equity: the trading of equity shall be accompanied by other equity hedging products. Our goal is to earn stable returns.
(IV) Treasury Marketing Unit (TMU): identify target customers and maintain business volume.
(V) Funding: maintain flexibility in funding sources; maintain sufficient liquidity reserves and adjust the bank's working capital to meet operational needs; react to the interest rate policy and manage the bank's funding costs.
(VI) Risk management: establish internal risk management procedures, the trading platform and mid/back office systems for better trading efficiency and more effective control over risk events.
4.Jih Sun International Insurance Agency Co., Ltd.
In the coming year, the company shall focus on raising customer satisfaction in line with group development strategies and operational risk guidelines for the perpetual growth of the group. Our overall business plans and guidelines are described below:
I.Integrate distribution channels; promote cross-selling Customize insurance products according to customers' characteristics and needs, package our products through cross-industry alliances that maximize market exposure; broaden our product lines and increase profitability.
II. Enhance risk control; improve business management The company executes its business development strategies in line with the group's corporate values. With complete information disclosure, internal control and audit policies, the company has fully complied with its business guidelines and rules, and offered appropriate insurance information and recommendations. Our goal is to maximize shareholders equity and facilitate the perpetual development of the company.
III.Align with group business strategies; increase profitability The strengthening of customers relationship through the combination of insurance and other financial products not only enables integration across group channels but also stimulates growth which would not have taken place if marketed on a standalone basis, the development of our insurance products become stabilized as well due to the broadened customer base. This shall facilitate profit stability among subsidiaries and maximize group synergies.
IV. Raise the standard of insurance professionalism of associated distribution staff Conduct regular training for sales staffs; improve the marketing skills and the certification holding ratio of our sales force to facilitate better understanding of insurance fundamentals; identify top performing staffs as potential team leaders, provide advanced trainings that enable further understanding into the profession of insurance, and expect them to lead team members to develop good insurance selling habits.

 

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