Wed, Jun 26, 2002 - Page 10 News List

Taishin and Shin Kong to merge holding firms

By Kevin Chen  /  STAFF REPORTER

Two companies under the Shin Kong Group -- Taishin Financial Holding Co (台新金控) and Shin Kong Financial Holding Co (新光金控) -- announced plans to merge yesterday, saying their combined assets will boost competitiveness.

"Both sides have expressed a willingness to merge -- a move that will create an entity with combined assets of about NT$1 trillion," Thomas Wu (吳東亮), chairman of Taishin Financial Holding said at a press conference yesterday.

"It will be a merger of equals, with each accounting for NT$500 billion in assets."

The marriage will help enhance the cross-selling of financial products among the units under the combined entity, he said.

The merged company -- which will incorporate banks, insurance companies, security houses and bond underwriters -- will retain the name Taishin Financial Holding Co, Wu said.

After the merger, the new company will have around 9.7 million customers and more than 580 outlets nationwide. Currently, Taishin International Bank (台新銀行), which leads Taishin Financial Holding, serves about 3.75 million customers through 133 offices, while the Shin Kong Life Insurance Co (新光人壽), which controls Shin Kong Financial Holding boasts nearly 5.7 million insurance policy holders through its 445 outlets.

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