"With the government-appointed directors participating and keeping an eye on the developments, we at least can safeguard small shareholders and the government's interests. If not, Taishin Financial could do whatever it wants," he added.
As the two banks are mapping out criteria for selecting their respective financial advisers, the official said that the ministry would also hire a third adviser to evaluate the feasibility of the two banks' share swap plan.
"As the government has promised last year, we'll support proposals raised by Taishin Financial during board meetings as long as they're beneficial to the company and shareholders. But the prerequisite is that they abide by the procedures," the official said.
Additional reporting by Jackie Lin
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