Focus Taiwan
Date: 2018/04/24
By: Tien Yu-pin, Tsai Yi-chu and Kuan-lin Liu
Taipei, April 24 (CNA) Taiwan’s KGI Bank has strengthened its risk management
CNA file photo
measures following a currency trading incident in March that led to a loss of NT$240 million (US$8.11 million) for the bank.
KGI addressed the incident Tuesday, saying that one of its traders made a wrong call in a trade involving the Canadian dollar, which yielded horrible results due to the volatility of the currency at that time.
The loss made up the bulk of March’s after-tax loss of NT$283 million, although the bank maintained that it was trading with its own capital and not its clients’ money, so its clients’ interests were unaffected.
Spokesman Eddy Chang (張立人) of the China Development Financial Holding Corp., which is the parent company of KGI Bank, went on record to say that the incident was reported immediately to management, following which the bank reformed its risk management system to make up for any gaps. [FULL STORY]
