Union Bank of Taiwan Co., Ltd. (Commonwealth Bank) is a pioneer in Taiwan's financial market, with a philosophy of "Serving with Integrity and Creating Prosperity Together", with its outstanding performance in retail banking, SME finance and cross-border finance. Founded on January 21, 1992 and prepared on March 29, 1989, it was founded by billionaire Lin Rongsan and is headquartered at No. 109, Section 3, Minsheng East Road, Songshan District, Taipei City, Taiwan. As a listed company on the Taiwan Stock Exchange (stock code: 2838), Commonwealth Bank serves approximately 1 million customers and has become a benchmark for small and medium-sized banks in Taiwan with its local business model and innovation capabilities.
Basic Information
ofthe BankCommonwealth Bank is a commercial bank, privately owned, established on January 21, 1992, headquartered at No. 109, Section 3, Minsheng East Road, Songshan District, Taipei, Taiwan. Founded by Lim Eng-san, the bank was initially positioned to serve small and medium-sized enterprises and individual customers, officially opened in 1992 and went public in 2001. Major shareholders include entities controlled by Lim, Aia Co. Ltd., Federal Investment Co., as well as institutional investors and public shareholders, and the holding structure operates as an independent company. Commonwealth Bank is strictly regulated by the Financial Supervisory Commission (FSC) of Taiwan and is required to comply with the Banking Act and international financial standards to ensure operational transparency and the safety of customer funds. Its deposits are protected by Taiwan's deposit insurance system, with a maximum coverage of NT$3 million per depositor. The SWIFT code for the bank is UBOTTWTP and the Legal Entity Identifier (LEI) is 5493003NOCSC6LUWUF03. Commonwealth Bank has about 60 branches in Taiwan and branches in the Asian market, with a total of approximately 3,628 employees in 2024.
Deposits & Loans
Deposits
Commonwealth Bank offers a wide range of deposit products to meet the savings needs of individual and business customers:
Fixed deposits: 12 currencies such as NEW TAIWAN DOLLAR, USD and RMB are supported, with deposit terms ranging from 1 month to 5 years, and the minimum deposit amount is NT$5,000. In 2025, the fixed deposit interest rate will vary according to the maturity, such as about 1.225% for 1 month, 1.5% for 3 months, 1.8% for 6 months, 2.0% for 1 year, and 2.5% for 2 years (based on the average interest rate of the five major banks in Taiwan).
Featured Products:
High Yield Savings Account: Such as the "Federal Premium Savings Account", which offers an annualized interest rate of up to 1.5%, and needs to maintain a balance of more than NT$100,000 with no monthly fee.
Large Certificates of Deposit (CD): Support flexible tenors, suitable for large amount of money customers, the interest rate needs to be queried through the branch or app, and the early withdrawal penalty is 90 to 180 days of interest.
Customers can check the "Cloud Interest Rate" offer through the "Commonwealth Bank e-Financial Services" app or online banking, and deposit products can be opened and calculated instantly, and some accounts can be free of transaction fees.
Demand Deposits: Including checking accounts and savings accounts, such as "Federal Current Accounts", the minimum account opening amount is NT$1,000, and the base annualized rate of return (APY) is about 0.05%-0.3%, and the latest interest rate needs to be confirmed through branch or online banking. Demand deposits are divided into interest-free accounts (minimum balance of NT$10,000, suitable for individuals and businesses) and interest-bearing accounts (minimum balance of NT$1,000, maintaining a daily balance of NT$5,000 or NT$10,000 to earn interest).
Loans
Commonwealth Bank offers a comprehensive range of loan products to meet diverse financing needs:
Mortgages: Fixed- and variable-rate mortgages with a loan amount of up to 80% of the value of the property and a repayment period of up to 30 years. In 2025, the fixed interest rate will be as low as 1.6% (3-year term), the floating interest rate will be based on the minimum lending rate (MLR, about 5.5%), and cash rebates and insurance discounts will be provided, and the application will require a credit score of 660 or more and an annual income of more than NT$30,000.
Car Loans: Support financing for new and used cars, with a loan amount of up to NT$3 million, a term of up to 72 months, an annualized interest rate (APR) as low as 1.88%, and a credit score of 660 or above.
Personal Line of Credit: Includes federal personal loans (APR as low as NT$5.99% and amount up to NT$1.5 million) and asset-backed overdrafts (up to NT$95% of collateral market value) with a monthly salary of NT$30,000 or more and a good credit history.
Flexible repayment options: Mortgages and personal loans offer no penalty for early repayment, weekly or bi-weekly payment plans, and a revolving line of credit for flexible debt management.
All loans are subject to bank approval, and customers are required to provide credit history, proof of income and asset information, subject to the terms of the loan agreement. The bank's SME lending services, such as letters of credit, bill discounting and trade loans, provide additional support to local businesses.
Digital Service Experience
Commonwealth Bank's mobile banking app, Commonwealth Bank e-Financial Services, is the core of its digital services, available for download on iOS 14.0 and above and Android 9.0 and above, with an App Store rating of about 4.5 and a Google Play rating of about 4.3, with users praising it for its quick launch (within 2 seconds) and intuitive interface (Commonwealth Bank app). Core features include:
Face recognition: Supports biometric authentication (such as Face ID and Touch ID), combined with strong encryption technology to ensure transaction security.
Real-time transfer: Support real-time transfer of NTD through the Taiwan interbank transfer system, with a daily limit of up to NT$1 million, international remittance covering more than 100 countries, and cooperate with Western Union to provide low-rate transfers.
Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.
Investment Tool Integration: Support stocks, funds, bonds, and derivatives trading through the Federal Investment Platform, providing real-time market data and investment advisory services.
The online banking platform "Federal Personal Internet Banking" supports multiple browsers and provides similar functions, and customers can open an account within 5 minutes through the app or official website. The app supports accessibility features such as dynamic font adjustment and VoiceOver compatibility for visually impaired and hearing-impaired customers. In 2023, about 50% of customers complete transactions through digital platforms, significantly improving the user experience.
Technological innovation
Commonwealth Bank is actively exploring in the fintech sector, leveraging its information technology division to drive digital transformation:
Open Banking API Support: Following the Open Banking Framework of the Financial Supervisory Commission of Taiwan, participating in the third phase of Open Banking, integrating with third-party service providers to provide account management and financial services interoperability, and supporting 35 deposit, credit card, and loan service APIs.
Mobile payment platform: Support QR code payment, mobile check deposit, and cooperate with Apple Pay and Google Pay to improve the payment experience.
Other innovations: partnering with security service providers to protect DNS infrastructure from DDoS attacks; Invest NT$1 billion in 2024 to upgrade cloud technology and data analytics platforms to improve operational efficiency.
AI customer service: Introduce an AI-driven customer service system to analyze transaction behavior, detect fraud risks in real time, automate 80% of customer inquiries by 2023, and plan to launch a virtual assistant in 2025 to support 24/7 inquiries and personalized financial advice.
Featured Services & Differentiation
Commonwealth Bank is known for its localized services and SME support:
Cross-border finance: Provide international trade financing and foreign exchange services through Asian branches to support the expansion of Taiwanese companies in the Asian market, with cross-border transaction volume increasing by 10% in 2023.
Wealth Management: Provide individual pension funds, unit trusts and insurance agency services to meet the needs of middle and high-net-worth customers, with assets under management of approximately NT$20 billion in 2023.
Community Contribution: Through the Commonwealth Bank Foundation, we will support education and charity projects, donate NT$3 million for community development in 2023, hold financial literacy lectures, and improve the financial literacy ability of young people.
Diversification: Diversify financial services through subsidiaries engaged in equipment leasing, real estate investment and energy technology services.
SME support: Provide customized loans and cash management services through the Federal SME Service, participate in the SME Financing Guarantee Program of the Financial Supervisory Commission of Taiwan, with loan approval in as fast as 10 seconds and up to NT$3 million, with a focus on supporting SMEs in Taipei and the southern region.
Market Position & Accolades
Commonwealth Bank is one of Taiwan's small and medium-sized commercial banks, with total assets of about NT$400 billion in 2024, ranking in the middle of the 38 banks in Taiwan. With about 60 branches serving about 1 million customers, the bank has a strong position in SME finance and community services. In 2023, the bank reported an 8% increase in deposit balances, a 6% increase in loan balances, and a non-performing loan ratio remaining below 0.2%, indicating that it is operating soundly. Commonwealth Bank's innovation in cross-border financial and digital services keeps it competitive in regional markets. Key accolades include:
2023 "Best SME Financial Services Award in Taiwan".
2022 Taiwan Green Finance Pioneer Award.
2021 "Best Community Bank in Taiwan".
Commonwealth Bank's community focus and ability to innovate make it the backbone of Taiwan's financial markets.
Conclusion
With more than 30 years of history, localized services and innovative financial products in Taiwan, Federal Commercial Bank Corporation has become a pioneer in Taiwan's financial market. It offers a wide range of deposit and loan products to meet customer needs through local branches and digital platforms. The digital service is centered on the application of "Commonwealth Bank's e-financial services", which provides efficient real-time transfer and investment management functions. Technological innovations, including AI customer service, open banking APIs, and mobile payment platforms, demonstrate its forward-looking digital transformation. With its SME support, cross-border financial services, and multiple industry accolades, Commonwealth Bank continues to demonstrate strong competitiveness and influence in the financial markets of Taiwan and the region.
Note:
specific interest rates and product details may vary depending on market changes, please check with the Commonwealth Bank website or check with the bank directly for the latest information.
