The government is likely to release a merger proposal for the Bank of Taiwan (
"We plan to put forth a report on the proposed merger deal and share sale to the public and foreign investors," Council for Economic Planning and Development Chairman Hu Sheng-cheng (
Hu's remarks came after the Premier Frank Hsieh (
The wholly state-owned Bank of Taiwan is slated to take over smaller rival, 100-percent state-controlled Central Trust of China (中央信託局), in June next year. The additional acquisition of the Land Bank is expected to boost the assets of Taiwan's biggest lender to above NT$4.6 trillion (US$140 billion), making it the 80th biggest bank around the globe, the government said.
The planned share sale to the public and to foreign investors after the proposed merger could happen within the next two years, which would help relieve the public's concerns that only private financial groups will benefit, Hsieh said.
The share auction will be bigger than that of Chunghwa Telecom Co (