CTBC Financial Holding Co (中信金控) yesterday said it has completed its acquisition of Taiwan Life Insurance Co (台灣人壽保險) through a share swap, with Taiwan Life to be the surviving entity following a merger with CTBC Life Insurance Co Ltd (中國信託人壽) early next year.
“Since its founding in 1947, Taiwan Life has established a highly reputable brand name, and we anticipate syrnergistic gains in conjunction with the CTBC Financial brand name,” CTBC Financial senior vice president Rachael Kao (高麗雪) told a news conference at the Taiwan Stock Exchange.
CTBC Life chairman Frank Ling (凌氤寶) is to take over as chairman of Taiwan Life, whose current chairman, Hsu Shu-po (許舒博), and a major board member, Chu Ping-yu (朱炳昱), are to sit on the board of Taiwan Life, CTBC Financial said.
Hsu is likely to also serve as chairman of TLG Insurance Co (台壽保產險), a subsidiary of Taiwan Life.
The chairmanship of TLG Capital Co (台壽保資融), is to be filled by Liang Te-chiang (梁德強), a board member of CTBC Financial’s banking and life insurance unit. The management changes are to take effect on Jan. 1, pending regulatory approval.
CTBC Financial also said that its board approved a motion for early redemption of a portion of the 58 million CTBC Financial preferred shares worth about NT$2.03 billion (US$102.54 million) that the company issued as part of the share swap to acquire Taiwan Life.
The capital reduction is set to take place on Dec. 8.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ￥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone
RSS