First Commercial Bank of Taiwan – the Leading Commercial Bank in Taiwan
According to the amendments to the 1947 “Banking Act of the Republic of China”, the types of banks include: commercial banks, industrial banks, savings banks, trust companies and money shops. According to Article 14, the type of bank must be specified in the name. In November, 1948, the shareholders of Taiwan Industrial and Commercial Bank convened for a temporary general meeting where it was decided, in accordance with the instructions of the Ministry of Finance, to officially rename the bank “First Commercial Bank of Taiwan" or "First Bank" for short on March 1, 1949.