Mega Financial Holding Co (兆豐金控), the nation's third-largest financial group by assets, said yesterday that the merger of its two banking units will go ahead as planned on Monday, despite the fact they are still awaiting the approval of regulators in the US and Hong Kong.
The merger between International Commercial Bank of China (ICBC, 中國國際商銀) and Chiao Tung Bank (交通銀行) into Mega International Commercial Bank Co (兆豐國際商銀) is scheduled to take effect next Monday.
The company has put off the effective date twice: first from March 27 to June 26 and then to Monday.
"We are still waiting for feedback [from regulators in the US and Hong Kong]," Mega Financial's spokesman Joseph Shieh (
"But we have no plans to delay the date again," Shieh said.
The merger deal is subject to approval from overseas financial regulators as the two banks already have outlets in those markets.
State-controlled Mega Financial's board also agreed to the appointment of 12 out of 15 new board directors for Mega International yesterday.
According to the Ministry of Finance's blueprint, Mega Financial's president Mckinney Tsai (蔡友才) will take up Mega International's chairmanship, while Chiao Tung's vice president Shiu Kuang-si (
To express its opposition to the merger, the ICBC staff union said it has bought ads to be published in major newspapers on Monday to voice their protest against the name change, citing the bank's recognized brand name in international financial markets.
Mega Financial's board did not touch on whether it will join Taiwan Business Bank's (TBB,
Mega Financial currently holds a 14.36 stake in TBB. The company said last December that it planned to buy as much as a 26 percent stake within one year.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Nvidia Corp yesterday announced that CEO Jensen Huang (黃仁勳) would attend an employee meeting in Taipei tomorrow to celebrate the launch of the company’s Taiwan headquarters project. Huang would attend a gathering at the site of Nvidia’s planned headquarters in Beitou Shilin Technology Park (北投士林科技園區), the company said in a statement. After arriving in Taiwan on Saturday last week, Huang told reporters that he plans to meet with Quanta Computer Inc (廣達) chairman Barry Lam (林百里) and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman C.C. Wei (魏哲家), and would attend the groundbreaking ceremony for Nvidia’s Taiwan headquarters tomorrow. Nvidia has not yet applied
RSS