The Securities and Futures Commission (SFC, 證期會) yesterday denied that the latest three-to-one merger -- between First Bank, Dah An Bank and Pan Asia Bank -- announced on Tuesday has violated local securities regulations.
Wu Tang-chieh (
"This [announcement] has a positive implication" because they let the public know right after three chairman reached a decision to tie the knot, Wu said yesterday, denying speculation in the financial markets that the merger may have violated securities exchange laws.
"But in principle, all mergers must be approved by their boards of directors," he said.
The timely announcement will ensure that the decision to merge will not provide participants with opportunities to engage in insider trading -- that is by buying up the stock of these banks with the knowledge that these shares will rise after the merger announcement.
The share prices of the three banks have performed strongly over the last few days, although many analysts have attacked the merger as not adding significantly to the competitive strength of the end bank.
Whether share prices have "reacted abnormally" prior to the merger is watched very closely by the Taiwan Stock Exchange (TSE), Wu said yesterday, adding that he has not sensed any erratic movement in their stock prices.
The SFC will, however, come in contact with the banks once the merged bank starts raising funds by issuing new stocks.
Minister of Finance Yen Ching-chang (
The government has long promoted mergers as a means to pave way for the much-needed consolidation in the banking system.
First Commercial bank yesterday closed up NT$0.10 to close at NT$27.0, while Dah An Commercial Bank jumped by NT$0.55 to close at NT$8.80. Pan Asia Bank rose NT$0.23 to NT$3.52.
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