Taiwan approves Taishin Financial - Shing Kong Financial merger

Taiwan’s Financial Supervisory Commission has approved the merger of Taishin Financial Holding Co and Shin Kong Financial Holding Co, forming the country’s fourth-largest financial services provider with assets of TWD8.43tr (USD253.78bn). The merger, first announced in August and endorsed by shareholders in October, will see Taishin Financial absorb Shin Kong Financial under the name TS Financial Holding Co. The deal includes a share swap where Shin Kong shareholders will receive 0.672 Taishin shares for each share held, alongside an additional exchange of 0.175 preferred shares. The companies will now plan for full integration and Shin Kong’s delisting from the stock exchange.