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.
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