Bank of Taiwan (台灣銀行) and fellow state-owned lenders Land Bank of Taiwan (土地銀行) and Central Trust of China (中央信託局) scrapped merger talks for a second time after failing to agree on terms.
"There won't be any consolidation, and we have reflected our views to the Ministry of Finance," said Land Bank Executive Vice President Alan Shaw. "There are many issues involved, such as our business overlap and worries over job losses."
Currently, Bank of Taiwan has about 7,000 employees, Land Bank has 6,000 and Central Trust of China has 2,000.
A Land Bank official told local media that they do not expect the merger will create satisfactory synergy and so they want to pursue their own plans for future development.
The three lenders will soon submit a report to the Ministry of Finance about their decision, the official said.
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