Taiwan's Financial Landscape Reshaped: Taishin and Shin Kong Merger Approved

A New Financial Powerhouse Emerges as Taishin Financial Holding and Shin Kong Financial Holding Consolidate.

The Financial Supervisory Commission (FSC) of Taiwan today announced its approval of the merger between Taishin Financial Holding Co., Ltd. (hereafter referred to as Taishin Financial Holding) and Shin Kong Financial Holding Co., Ltd. (Shin Kong Financial Holding), through a share exchange.

The FSC indicated that both Taishin Financial Holding and Shin Kong Financial Holding held board meetings on August 22, 2024, and September 11, 2024, respectively, to approve the merger and amend the merger consideration agreement. The merger plan was subsequently approved by the shareholders' extraordinary meetings of both financial holding companies on October 9, 2024.

This merger was jointly applied for to the FSC by Taishin Financial Holding and Shin Kong Financial Holding, in accordance with the Financial Holding Company Act and the Financial Institutions Merger Act, among other relevant regulations. Following the merger, Taishin Financial Holding will be the surviving company, while Shin Kong Financial Holding will be the dissolved company. The surviving entity will be renamed "Taishin Shin Kong Financial Holding Co., Ltd." effective from the merger effective date.