(April 21, 2006, Taipei) SinoPac Holdings (2890) holds a board meeting today, in which proposes to change the Company's Chinese name to "Yuen Foong Holdings." The name change process will be legally completed once the shareholders' meeting, scheduled on June 9, approves the proposal. The proposal also needs to be approved by related regulators.

According to SinoPac Holdings, the name selection process was based on suggestions, thoughtful discussions and evaluations carried out by a number of experts. Among all the options, the Company chooses "Yuen Foong" as their new Chinese name. The two words depict ever-lasting business, prosper growth. "Yuen" represents longevity, booming; "Foong" portrays prosperity and abundant. Both characters pose positive sound and meaning and thus combine to become a very suitable name for a financial service company. On the other hand, "Yuen Foong" also has an international interpretation, "Yuen" is "sustainability", while "Foong" is "prosperity", and the two abbreviations coincide with SinoPac, the English name of the Company. Moreover, the new name signifies that after the merger of SinoPac Holdings and International Bank of Taipei, the new financial holding company will head towards not only a sustainable goal but also prosper in the Asia Pacific banking sector.