The nation's first merger plan announced last week between two financial holding companies may fail as Taishin Financial Holdings Co (台新金控) said last night that it would halt talks with Shin Kong Financial Holdings Co (新光金控) after the latter reversed an earlier profit forecast.
"Since we hold a different viewpoint regarding Shin Kong Financial's decision to change its profit forecast for the year and its plans to sell certain fixed assets to cover potential losses, we would like to re-evaluate the merger plan," Taishin Financial said in a statement.
Shin Kong Financial earlier yesterday announced it will post an after-tax loss of NT$8.82 billion instead of an earlier forecast of NT$3.96 billion profit this year, and will set aside an additional NT$19.6 billion to cover potential losses stemming from higher policy claims.
Shin Kong Financial -- which includes the nation's second-largest life insurer, Shin Kong Life Insurance Co (新光人壽) -- said declining interest rates are hurting its ability to pay higher returns guaranteed by policies sold earlier.
The two companies announced on June 25 to merge in a share swap. The share swap ratio has not yet been decided.
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