[Coyett]

Citibank Taiwan to Move Into Xinyi District
2007/03/20


Taipei, March 20, 2007 (CENS)--Citibank Taiwan has decided to move its headquarters into the Walsin Lihwa building being under construction in Xinyi district of Taipei city following its completion in two years, giving a strong boost to Xinyi district in emerging as the new financial center of the city.

The building being built by Walsin Lihwa Corp., an electric wire and cable maker, is a 37-story building, located at the intersection of Songgao and Songzhi road, near the City Hall station of the mass rapid transit (MRT) system. The project is undergoing construction of its framework and is scheduled for completion at the end of 2008 or early 2009, when it will become the second highest building in Xinyi district, trailing Taipei 101.

Citibank Taiwan will occupy 6,000 to 7,000 pings (one ping equals 36 square feet) of space, over half of the building`s available space, while the building will be dubbed "Walsin Lihwa Citibank," in line with the practice of other Citibank branches in Asia, all of which have their logos put on their headquarters building. Citibank Taiwan will move from its existing site in Fubon building at fourth section of Renai road.

A Walsin Lihwa executive confirmed the deal yesterday (March 19), adding the company is considering to allow Citibank to put its logo in the name of the building.

Having secured the ultra-big client, Walsin Lihwa has raised the rental for the remaining floor space to NT$3,500 per ping, the highest in the region, even higher than NT$3,200 of Taipei 101.

Yang Wen-chi, assistant general manager of Taipei 101, admitted failing to secure the big client due to the inability to allow Citibank putting its logo in the building`s name. He, though, noted that comparison of Walsin Lihwa building`s rental with that of Taipei 101 is improper, since one refers to future price and the other to current price.

Citibank Taiwan will join the clustering of financial firms being formed in Xinyi district, which now accommodates headquarters of several leading domestic financial firms and 20-odd foreign financial firms, including Cathay Financial Holding, Chinatrust Financial Holding ING Antai Life Insurance, and Capital Group, in addition to the Taiwan Stock Exchange.