The possible opening of financial markets across the Taiwan Strait has encouraged Taiwan`s financial institutions to gear up for the lucrative opportunities that are expected to ensue.

Some foreign banks operating in Taiwan--ING Bank Taipei, Deutsche Bank, ABN AMRO Bank, and the Development Bank of Singapore, among others--are trying to recruit more talent in preparation of the expected opening. Generally, they are looking for personnel with more than 10 years of related experience, strong ambition and confidence in the field, and fluency in both Chinese and English.

According to insiders, suitable recruits are being offered annual salaries ranging from NT$3 million to NT$8 million (US$90,909-$242,424), depending on job difficulty and professional abilities. Usually, few high positions are available in European banks here but they offer 30% more than the potential hirees are now earning.

Deutsche Bank reportedly wants to hire three to five more mid- and high-ranking managers this year, offering an annual salary of NT$6-8 million (US$181,818-$242,424) plus a signing bonus equal to half of the yearend bonus the recruits received last year.

ING Bank is said to be ready to hire six to eight more financial sales experts this year. ABN AMRO plans to expand its commercial banking department by adding some 40 workers (with three to 10 years of working experience) to focus on the corporate banking sector. They will be paid NT$2 million (US$60,606) to NT$3 million (US$90,909) annually.

The Development Bank of Singapore is also eager to expand its market niche in Taiwan by hiring senior personnel away from local banks. The bank foresees promising financial markets in the greater China area, including China, Hong Kong, Macao, and ethnic Chinese communities in Southeast Asia.

High Salaries, Strict Requirements

Market observers points out that the competition for talent among foreign banks here is causing an apparent shortage of senior financial personnel in the job market. Those who want to earn the high salaries being offered need an English-speaking ability, knowledge of international financial laws, strict training in leading international banks, the ability to analyze corporate financial statements, and a knowledge of the cash-flow trends of at least 20 Taiwanese industries.

Some large fund-raising firms are also believed to be interested in exploring the market in Taiwan. One of them, reportedly, plans to allocate more than NT$1 billion (US$30.3 million) for the recruitment of 20-30 senior financial professionals, who will be offered three times the normal salary.

Taiwan`s asset management market, which has been heating up in recent years, is likewise seen to be piquing the interest of banks, both domestic and foreign. Over the past couple of years several leading foreign banks have acquired local banks, partly with the purpose of developing the domestic wealth management business.

When Citibank acquired the Bank of Overseas Chinese (BOOC), a medium-sized Taiwanese bank, in April last year, it expanded its Taiwan network by 55 branches and began targeting BOOC clients for the wealth management business.

ABN AMRO expanded its branch network by 32 with purchase in mid-2007 of the Taitung Business Bank, a local bank in eastern Taiwan, and intends to use those extra branches to develop the wealth-management market.

Sun Ke-chi, senior vice president of ABN AMRO`s wealth management department, reports that the bank`s wealth management business grew by 50% and the number of its clients by 20% last year. This year the bank expects its revenue to grow by 30%-50%.

In response to the growing competition in Taiwan`s financial market, several domestic private banks, including EnTie Commercial Bank and Cosmos Bank, are also planning to reinforce their corporate banking and wealth management services, and they too will have to recruit more related personnel.

Some analysts say that the corporate cultures of domestic banks and foreign banks are quite different, with the former focusing on the establishment of relationships with local clients and the latter placing more emphasis on practical working experience and financial expertise. The analysts believe that foreign banks that have acquired domestic ones want to merge the two cultures to make their operations more acceptable to clients in Taiwan and other Chinese communities alike.
(by Judy Li)