The Jih Sun Group (
Each share of the bank, which will be renamed Jih Sun Bank (日盛銀行) in December, and of the securities company, Taiwan's seventh-largest brokerage by market value, will be converted into 2.5 shares of the new entity Jih Sun Financial Holding Co (日盛控股公司).
The statement said the proposed holding company will be capitalized at NT$22 billion during the initial stage, adding that it will gradually expand the capital to NT$50 billion by including investment, trust, futures, leasing and insurance units of the group during the following stages.
Jih Sun, which has a market value of NT$12.4 billion, rose 5.5 percent to NT$11.60 yesterday, while Baodao, which has a market capitalization of NT$4.9 billion, rose 6.9 percent.
Brokerages, insurers and financial institutions in Taiwan are rushing to combine under a new holding company law which takes effect on Nov. 1, pressured by a slowing economy and the government, who wants companies to become more competitive ahead of WTO entry early next year.
``The greatest benefit after the holding company is set up will be the cross-marketing of services,'' Jih Sun Group said in a statement.
Cathay Life Insurance Corp (
The insurer is also waiting for a response from United World Chinese Commercial Bank (
Jih Sun and Baodao will have 1.6 million customers and about 60 sales outlets. Jih Sun employs 1,579 and Baodao has 1,328 staff.
``The holding company has no plans to fire anyone,'' said Chen Ting-ting, a Jih Sun spokeswoman. Employees are ``quite stretched as it is.''
The group will submit its application to officials on Dec. 20, after a shareholders meeting on Dec. 14, the statement said.
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