SinoPac Financial Holdings Co (永豐金控) completed its acquisition of King’s Town Bank Co (京城銀行) yesterday, with the latter being delisted from the local main board on the same day, the company said.
In addition, Bank SinoPac (永豐銀行) will fully merge with King’s Town Bank within one year, boosting its number of outlets to 191, the third largest number in the country, up from the current No. 12.
SinoPac Financial chairman Chen Shi-kuan (陳思寬) said at a ceremony in Taipei that the acquisition is expected to create tremendous synergies and raise Bank SinoPac’s competitive edge by providing better services to clients, as the two financial institutions complement each other in business.
Photo: Chen Chih-chu, Taipei Times
King’s Town Bank owned 66 branches in Taiwan, including 43 in the Yunlin-Chiayi-Tainan area and five in Kaohsiung, while most of Bank SinoPac’s 125 branches are located in northern Taiwan.
In addition to King’s Town Bank, SinoPac Financial has also acquired Cambodia-based Amret PLC, the largest micro-financial firm in the Southeast Asian country, and CL Securities Taiwan Co (台灣匯立證券) over the past year, Chen said.
The three deals are expected to create a win-win-win situation for SinoPac Financial’s shareholders, clients and employees, he added.
SinoPac Financial president Stanley Chu (朱士廷) acknowledged that the company faces challenges with the integration of these entities as they have different operational cultures, employees and clients.
With the acquisition of King’s Town Bank, SinoPac Financial’s total assets have risen to NT$3.5 trillion (US$115 billion), making it the 13th largest financial holding firm in Taiwan, up from its current 14th place, he said.
The SinoPac Financial-Kings’ Town Bank deal, announced in December last year, proceeded through a cash-stock swap for almost NT$60 billion. The Financial Supervisory Commission approved the acquisition in June after a two-and-a-half-month review.
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