Merger of Sinopac, IBT well received

`POSITIVE DEVELOPMENT' Observers say that the merger was a setp forward for the administration's plan to halve the number of financial holding companies

STAFF WRITER , WITH BLOOMBERG

On June 24, Chang Hwa Commercial Bank (彰化銀行), Taiwan's sixth largest lender by assets, said it plans to sell NT$25.2 billion of preferred stock, or 1.4 billion shares at NT$17.98 each in a private placement. The government is the biggest shareholder in Chang Hwa with a 23 percent stake.

The government wants to sell its stakes in three other financial services companies, including Central Trust of China (中央信託局).