China Development Industrial Bank
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KGI Financial Holding Co., Ltd. (KGI Financial; ), formerly China Development Financial Holding Co., Ltd. (CDF), is a Financial Holding Corporation in
Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia. The main geography of Taiwan, island of Taiwan, also known as ''Formosa'', lies between the East China Sea, East and South China Seas in the northwestern Pacific Ocea ...
founded by Jeffrey Koo Sr. and the Koo Family. It mainly does business with its key subsidiaries the CDIB Capital Group, KGI Securities, KGI Bank and KGI Life. Today, the company is chaired by Angelo Koo, the fourth-generation of the Koo Family.


Development History


Early Years (1959–2001)

In 1959, China Development Corporation was established through the collective efforts of the Economic Stabilization Committee of the
Executive Yuan The Executive Yuan () is the executive (government), executive branch of the government of the Republic of China (Taiwan). Under the Additional Articles of the Constitution of the Republic of China, amended constitution, the head of the Execut ...
, the
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
, and public capital as Taiwan's financial institution focusing on direct investments. In 1999, China Development Corporation was restructured as China Development Industrial Bank (CDIB). In December 2001, China Development Financial Holding Co., Ltd. (CDF) was established by way of a
stock swap In corporate finance, a stock swap is the exchange of one equity-based asset for another, where, during the merger or acquisition, the swap provides an opportunity to pay with stock rather than with cash; see . Overview The acquiring company ...
.


Expansion and Mergers (2002–2014)

In 2002: On November 8, the Grand Cathay Securities Corporation and Elite Securities became subsidiaries of CDF through a stock swap. In 2003: On December 31, CDF merged Grand Cathay Securities and Elite Securities. In 2005: CDF planned to acquire Jinding Securities, however CDF was not able to get Jinding Securities' original management team to agree. After four years of continuing to buy stocks, in 2009 CDF had finally held a 48% stake in Jingding Securities, but following five years of controversy CDF was ultimately unable to merge with Jingding Securities. In 2012: CDF publicly acquired the second largest securities firm in Taiwan, KGI Securities, for NT$54.6 billion, with the largest merger in the history of Taiwan. KGI was acquired at NT$5.5 per share cash at a 1.2 to 1 exchange rate. The exchange was complete on January 18, 2013, and CDF acquired 100% of the stock rights for KGI. On June 22 of that same year, KGI Securities merged with Grand Cathay Securities Corporation with KGI being the surviving company. In 2013: KGI Securities merged with Grand Cathay Securities, another subsidiary within CDF. After the business integration of its two major securities companies, it has become the leader of domestic investment banks, bonds and new financial products. In 2014: CDF acquired Cosmos Bank as a subsidiary at the cost of NT$23.09 billion, and in 2015 Cosmos Bank became known as “KGI Commercial Bank”. From this point on, CDIB's Corporate Finances and
Financial Markets A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial marke ...
were ceded to KGI Commercial Bank.


Recent Developments (2017–Present)

In 2017: In March, CDIB transformed into CDIB Capital Group in March 2017. Continuing the core of Industrial Bank, CDIB Capital Group is committed to private equity investment funds and actively expand asset management business. In September, China Life (renamed KGI Life in 2024) became an integral part of the group. In 2021: In April, CDF committed net zero carbon emissions by 2045 In October, CDF convened an extraordinary shareholders’ meeting and approves the acquisition of all remaining China Life stock. In the same month, CDF completed the move to its new headquarters on the 20th anniversary of the holding company. In 2024: Rebranded as **KGI Financial Holding Co., Ltd.**, reflecting its expanded operations and market position.


See also

* List of companies of Taiwan


References

{{DJSI World 2001 establishments in Taiwan Companies listed on the Taiwan Stock Exchange Companies based in Taipei Financial services companies established in 2001 Financial services companies of Taiwan