Thomas Wu
Thomas Wu | |
|---|---|
| Born | April 11, 1950 Taiwan |
| Alma mater | Fu Jen Catholic University (BSc Chemistry), University of California, Los Angeles (MBA) |
| Occupation(s) | Corporate leader, businessman |
| Known for | Founder of Taishin International Bank; Chairman of Taishin Financial Holdings |
Thomas Wu (; born 11 April 1950) is a prominent Taiwanese corporate leader.
Personal life and education
Thomas Wu is the fourth child among six siblings born to entrepreneur and Wu Kuei-lan. He obtained a bachelor's degree in chemistry from Fu Jen Catholic University in 1972, followed by an MBA from the Anderson School of Management at University of California, Los Angeles in 1975. In 1990, Wu was abducted and subsequently freed after his wife paid a ransom of NT$100 million. The individual responsible for the kidnapping was later apprehended and executed.
Wu is married to , who ended her acting career in 1984 to wed him. The couple has two sons: Wu Hsin-wei (Peter) and Wu Hsin-hao. In 2009, Wu Shu-jen revealed receiving funds from Thomas Wu, leading prosecutors to question him amid corruption investigations involving her husband, Chen Shui-bian. Thomas Wu first appeared on the The World's Billionaires list in March 2015.
Business career
In 1992, Wu established Taishin International Bank through a merger, stepping away from his father's textile enterprise. By February 2002, his Taishin Financial Holdings commenced operations and soon unveiled plans to merge with Taiwan Securities Company and Taishin Bills Finance Corporation. That same year, Taishin Financial initiated construction on the Taishin Tower office complex. Wu also considered merging with Shin Kong Financial Holding, which was controlled by his brother Eugene; however, these negotiations were quickly abandoned. In 2003, Taishin Bank introduced the Visa Infinite card across Asian markets. The following year, Wu explored a merger with First Financial Holding and collaborated with Test Rite International to securitize Time Plaza, pioneering property-backed securitization focused on pre-sold residential units.
In August 2004, Wu removed several board members affiliated with his brother Eric from Taishin Financial's board. Later that month, despite family resistance, he was elected chairman of Shinkong Synthetic Fibers Corporation. This leadership conflict triggered insider trading investigations by Taiwan's Financial Supervisory Commission (FSC). By November 2004, Thomas stepped down from the Shinkong chairmanship in favor of Eric and assumed the chairmanship of Taishin Financial Holdings. Eric transferred proxy votes on Taishin’s board to Thomas and secured autonomy for Taishin Investment Trust Company. The FSC concluded no insider trading had occurred but fined Taiwan Securities Company NT$2.5 million for procedural breaches. After resolving these issues, Taishin Financial’s stock price climbed to NT$29.40 by December 2004.
Wu endorsed the FSC’s consolidation guidelines announced at the end of 2004 and began actively pursuing mergers and acquisitions in 2005. He noted that Bank SinoPac favored merging with International Bank of Taipei instead of Taishin Financial, although discussions with Taishin continued sporadically. After SinoPac issued an apology for false information disseminated by two executives—which initially resulted in libel charges—Taishin withdrew its legal complaint. Following the unsuccessful SinoPac merger attempt, Taishin Financial submitted a NT$36.6 billion bid for majority control of Chang Hwa Commercial Bank and sought to increase its holdings throughout 2005–2006. In June 2007, Taishin formed an insurance joint venture with Aegon N.V., involving a transfer of a 2.5% stake in Chang Hwa. Wu declared intentions to finalize the Chang Hwa merger by year-end; however, government delays compelled the sale of Taishin Securities Company to Koos Group.
In June 2013, shareholders of Taishin Financial granted Wu authority to initiate legal proceedings aimed at merging Taishin International Bank with Chang Hwa Bank; soon after, executives at Chang Hwa formally endorsed the merger proposal.