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.
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS