The Financial Supervisory Commission (FSC) yesterday approved the merger of Fubon Securities Co (富邦證券) and Jih Sun Securities Co (日盛證券), which is to begin on April 9.
The 62-year-old Jih Sun Securities would no longer exist, with Fubon Securities as the surviving entity after the merger, the commission said.
Jih Sun clients would not need to open new accounts at Fubon Securities, as account information would be transferred directly in the merger, it said.
Photo: Kelson Wang, Taipei Times
Jih Sun clients may continue to conduct business on its app that would exist for a while after the merger, it added.
Under the merger, Fubon Securities would increase its market share from 5.09 percent to 8.09 percent, with its ranking unchanged as the third-largest financial firm with 76 outlets in Taiwan, the commission said.
Yuanta Securities Co (元大證券) would remain the largest player with a market share of 11.5 percent, trailed by KGI Securities Ltd’s (凱基證券) 10.29 percent share, it said.
Fubon Securities would eventually integrate the operation systems of both companies when it sees fit to do so without affecting Jih Sun clients, it said.
Fubon Securities has promised to retain all Jih Sun employees for three years and would provide better-than-regulated retirement offers afterward if necessary, the FSC said.
In addition, the commission approved the merger of Fubon Futures Co (富邦期貨) and Jih Sun Futures Co (日盛期貨) under similar terms.
The mergers would reduce the total number of securities houses in Taiwan from 30 to 29 and the number of futures companies from 15 to 14, it said.
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