The financial holding company law (金融控股公司法) could be passed by April, said Finance Minister Yen Ching-chang (顏慶章) on Wednesday.
"The draft of the financial holding company law is currently under review at the Executive Yuan. It will then be sent to the Legislative Yuan. We expect it could be passed and become law by April at the earliest," said Yen at a seminar on the current situation of financial holding companies in the US and Japan and the future development of Taiwan's financial sector.
"Since most banks will hold their stockholders' meeting in May, the law could allow many domestic financial groups to establish a financial holding company in time," he added.
On Friday, the Ministry of Finance is slated to submit a draft of the regulations to the Executive Yuan which has the final say.
"If the financial holding company law gets the green light by the legislature by April, China Development Industrial Bank (
According to Liu, the bank would also start merging a number of financial institutions, including commercial banks, securities companies, and insurance firms. "Currently, we are negotiating with a number of candidates and are considering establishing a new trust firm," he said.
Taiwan's other financial groups are not sitting idly by after this latest development. Currently, some 20 domestic financial groups -- including Fubon (富邦), Linyuan (霖園), Shinkong (新光), President (統一) and Union (聯邦) -- reportedly have been gearing up to establish their financial holding company and are planning to use the holding company to take control of various financial services businesses.
Meanwhile, in the banking sector, such private banks as China Development Industrial Bank, Chinatrust Commercial Bank (中國信託商銀), International Commercial Bank of China (中國國際商銀), and United World Chinese Commercial Bank (世華聯合商銀), have said they are going to convert into financial holding companies. As for state-run banks, Land Bank of Taiwan (土地銀行), Taiwan Cooperative Bank (合作金庫), and Central Trust of China (中央信託局) are currently in a similar transformation process.
Among securities groups in Taiwan, Yuanta Core Pacific (
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