The merger of Taishin Financial Holding Co (台新金控) and Shin Kong Financial Holding Co (新光金控) is set to be finalized on July 24, Taishin Financial Chairman Thomas Wu (吳東亮) said yesterday.
Speaking at the company’s annual general meeting in Taipei, Wu said that the merged entity would be named TS Financial Holding Co (台新新光金控) and would become the fourth-largest financial holding company in Taiwan by total assets.
The two companies first announced the merger in August last year, and after receiving approval from shareholders a month later, the Fair Trade Commission in January, and the Financial Supervisory Commission in March, the merger was officially cleared.
Photo: Kelson Wang, Taipei Times
During the process, the companies successfully fended off a counterbid from CTBC Financial Holding Co (中信金控), which had also sought to acquire Shin Kong Financial.
Taishin Financial president Welch Lin (林維俊) said the mergers of the major subsidiaries under the two financial holding companies’ umbrellas are expected to be completed by the end of June next year.
The merger of the securities trust business is slated for completion by the end of this year, while the merger of the life insurance and securities businesses is scheduled for January and April next year respectively, Lin said.
The merger of the banking business is expected to be completed by June next year, although the transfer of banking operation systems would be more complex than the integration of other business systems, he said, adding that if the June deadline is missed, the completion date could be delayed until about the Mid-Autumn Festival, which falls on Sept. 25 next year.
Taishin Financial reported a net profit of NT$20.1 billion (US$676 million) last year, the second-highest in the company’s history, up from NT$14.6 billion in 2023.
Earnings per share were NT$1.39, compared with NT$1.01 the previous year.
Taishin International Bank Co (台新銀行), the banking arm of Taishin Financial, posted a net profit of NT$18.5 billion, an almost 25 percent increase from the previous year, Lin said.
Taishin Securities Co (台新證券) saw its net profit surge 53 percent to NT$2.36 billion, while Taishin Life Insurance Co (台新人壽) recorded a net profit of NT$1.24 billion, he added.
After the merger, TS Financial is expected to offer more comprehensive one-stop services, which would help expand its market share, Lin said, adding that the company plans to leverage artificial intelligence applications to further strengthen its footing.
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
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
Nvidia Corp yesterday announced that CEO Jensen Huang (黃仁勳) would attend an employee meeting in Taipei tomorrow to celebrate the launch of the company’s Taiwan headquarters project. Huang would attend a gathering at the site of Nvidia’s planned headquarters in Beitou Shilin Technology Park (北投士林科技園區), the company said in a statement. After arriving in Taiwan on Saturday last week, Huang told reporters that he plans to meet with Quanta Computer Inc (廣達) chairman Barry Lam (林百里) and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman C.C. Wei (魏哲家), and would attend the groundbreaking ceremony for Nvidia’s Taiwan headquarters tomorrow. Nvidia has not yet applied
RSS