Shin Kong Financial Holding Co (
Last year, Shin Kong Financial reaped net profits of NT$7.06 billion, or NT$1.74 per share. For the first eight months of this year, the firm posted earnings of NT$7.45 billion, or NT$1.71 per share.
Hsu said that Shin Kong Financial has been looking for potential acquisition targets after taking over Macoto Bank (
He didn't specify potential candidates, but local media have been speculating that MasterLink Securities Corp (
According to the Shin Kong group's statistics, flagship unit Shin Kong Life Insurance Co (
"We have interests in First Financial and the company also offers good investment value," Shin Kong Financial chairman Eugene Wu (
But under current regulations, the company is competing with interested foreign rivals with its one hand tied behind its back, Wu said.
He remained tight-lipped about the firm's plans for First Financial, saying only that it would flexibly respond to future situations.
On Wednesday, Minister of Finance Ho Chih-chin (何志欽) said that the ministry might consider unloading shares in state-controlled banks to top foreign firms.
Ho's remark follows recent announcements by Standard Chartered Bank of its plan to buy Hsinchu International Bank (新竹國際商銀) and Citibank's interest in taking over the Bank of Overseas Chinese (
The ministry's government shareholding management unit, which oversees state holdings, last week unveiled guidelines for dis-posing of public shares in financial institutions. At the time, the ministry said it preferred the world's top 100 banks to take over state shareholdings in future disposals and that local financial institutions are banned from using insurance funds for takeover investment.
The government currently holds a majority of board seats in eight state-controlled banks, including the Bank of Taiwan (
Deputy Minister of Finance Liu Teng-cheng (