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 (
"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 (
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