Highly strategic subsidiary of Fubon FHC. The stable outlook on Fubon Bank (China) Co. Ltd. reflects our expectation that the bank will remain a highly strategic subsidiary of Taiwan-based Fubon Financial Holding Co. Ltd. (Fubon FHC; BBB+/Stable/A-2). The outlook also reflects our view that the group will maintain a stable credit profile over the next one to two years. We expect Fubon Life Insurance Co. Ltd. to continue to dominate the overall group credit profile, and Taipei Fubon Commercial Bank Co. Ltd. to contribute more than 25% of the group's operating income over the same period. We may downgrade Fubon Bank (China) if the group's credit profile weakens, mainly due to deterioration in Fubon Life's credit profile. We may raise
