The Privatization of FCB Under the Wave of Globalization
In July 1989, the government set up the “Promotion Project for the Privatization of Government Enterprise by the Executive Yuan”, a group responsible for formulating and promoting privatization policies, under which First Commercial Bank, Chang Hwa Bank, Hua Nan Commercial Bank, and Taiwan Business Bank were transformed into private banks. On January 22, 1998, FCB successfully completed the privatization process. The ratio of governmental shares was reduced from 71% to 42%. Through employee stock ownership and public offering, FCB became the largest private bank in Taiwan.
