SinoPac expects 12.5-point cut in benchmark rateBy Kao Shih-ching / Staff reporterSinoPac Financial Holdings Co (永豐金控) said that it expects the central bank to cut its benchmark interest rate again by 12.5 basis points next month to help the economy recover from the COVID-19 pandemic. The central bank on March 19 cut its benchmark rate by 25 basis points. SinoPac Financial Holdings Co president Stanley Chu is pictured at an earnings conference in Taipei on March 3. Bank SinoPac (永豐銀行), the profit-making engine of SinoPac Financial, saw its net interest margin rise from 0.98 percent at the end of last year to 1 percent at the end of March, as the bank cut its deposit rates, Bank SinoPac president Eric Chuang (莊銘福) said. Bank SinoPac plans to recruit 1,500 employees this year to improve its momentum, Chu added.

Source: Taipei Times May 27, 2020 15:56 UTC