Taishin Financial Holding Co (台新金控) will complete its merger with Taiwan Securities Corp (台証證券) and Taishin Bills Finance Corp (台新票券) on Jan. 1, 2003, with one Taishin Financial share exchanging for 1.2 Taiwan Securities shares and 1.3 Taishin Bills Finance shares, said Taishin Financial Chairman Thomas Wu (吳東亮) yesterday.
After the merger, Taishin Financial would have increased its assets to NT$42 billion from the current NT$30 billion. It will also have access to a network of 133 outlets nationwide, up from the current 88, Wu said.
Wu said the holding company might revise its 2002 financial forecast after the merger. Its earnings are expected to increase 30 percent year-on-year in 2003, he predicts.
Meanwhile, Wu stressed his determination to improve the Taishin International Bank's (台新銀行) asset quality. Taishin bank, a unit of Taishin Financial that wrote off about NT$10 billion in non-performing loans during the first four months this year, is expected to get rid of an additional NT$10 billion in bad loans by the end of the year, Wu said. Its overdue loan ratio would reach 2.5 percent at the end of this year versus 4.56 percent in April, he estimated.
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