Staff writer, with CNA
The Financial Supervisory Commission (FSC) approved two major financial deals yesterday: the merger of Bank SinoPac Co (永豐銀行) and King’s Town Bank Co (京城銀行), and the acquisition of Mercuries Life Insurance Co (三商美邦人壽) by E.Sun Financial Holding Co (玉山金控).Regarding the banking merger, the boards of directors of Bank SinoPac and King’s Town Bank approved the deal on March 27, according to the FSC.The merger is set for Jan. 1 next year, with Bank SinoPac as the surviving entity, the commission said.
The signage of Bank SinoPac Co is pictured outside a branch in Taipei’s Zhongshan District on June 4 last year.
Once completed, the combined institution will operate 189 branches, making it the second-largest network in the domestic banking sector, trailing only Taiwan Cooperative Bank Ltd’s (合作金庫銀行) 248 branches, Banking Bureau Deputy Director-General Wang Yun-chung (王允中) said.Wang added that the combined bank will rank 12th in deposit and loan market share and seventh in ATM network size with 710 machines.
In the second case, E.Sun Financial Holding will acquire a 100 percent stake in Mercuries Life Insurance through a share swap, with the merger tentatively scheduled for Sept. 1, according to the FSC.
