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.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
Two of Taiwan’s international carriers, Starlux Airlines Co (星宇航空) and EVA Airways Corp (長榮航空), have retained the five-star airline rating awarded by international airline review organization Skytrax. Starlux was awarded the distinction for a second consecutive year, while EVA Air received it for the 11th straight year, Skytrax said in statements released yesterday and on Thursday last week, respectively. The five-star rating is considered one of the airline industry's highest honors and is awarded following professional audits of airline product and frontline service standards, Skytrax said. The ratings are based on in-depth assessments using unified global quality standards rather than customer review scores
RSS