Taiwan Financial Supervisory Commission Rejects CTBC Holding $4 Billion Offer to Buy 51% of Taiwan 5th Largest Financial Group Shin Kong Financial Holding at NT$14.55 in Cash & Stock Representing 17% Premium to Closing Price (23/8/24), Taishin Financial Holding Had Offered NT$11.32 in Share Swap at $7.6 Billion Valuation, Shin Kong Shareholders to Vote on 9th October 2024 Meeting, Taiwan Financial Supervisory Commission Approval is Required for the Share Purchase
18th September 2024 | Hong Kong
The Taiwan Financial Supervisory Commission (FSC) has rejected CTBC Holding $4 billion offer to buy 51% of Taiwan 5th largest financial group Shin Kong Financial Holding at NT$14.55 in cash & stock representing 17% premium to closing price (23/8/24). Taiwan Financial Supervisory Commission cited a lack of comprehensive plan and guarantee to increase capital for the life insurance business. Taishin Financial Holding had earlier offered NT$11.32 in share swap to Shin Kong at $7.6 billion valuation. Shin Kong shareholders will be voting on 9th October 2024 meeting. The Taiwan Financial Supervisory Commission (FSC) approval is required for the share purchase. Shin Kong Financial Holding (SKFH) was established on February 19, 2002. It is headquartered at the Shin Kong Life Tower, a financial landmark building in Taipei. SKFH is committed to both sustainable operations and corporate social responsibility. Its subsidiaries Shin Kong Life Insurance Co., Ltd. (SKL), Taiwan Shin Kong Commercial Bank Co., Ltd. (SKB), Shin Kong Investment Trust Co., Ltd. (SKIT), Shin Kong Property Insurance Agency Co., Ltd. (SKPIA), Shin Kong Venture Capital International Co., Ltd. (SKVC) and MasterLink Securities (MLS) are also dedicated to providing customers with the best financial services. SKFH provides a full range of financial products and services through its subsidiaries in life insurance, banking, securities, asset management and insurance brokerage and delivers these products through an extensive distribution network (including 372 outlets of SKL, 103 branches of SKB, and 43 branches of MLS) to 6 million customers.
“ Taiwan Financial Supervisory Commission Rejects CTBC Holding $4 Billion Offer to Buy 51% of Taiwan 5th Largest Financial Group Shin Kong Financial Holding at NT$14.55 in Cash & Stock Representing 17% Premium to Closing Price (23/8/24), Taishin Financial Holding Had Offered NT$11.32 in Share Swap at $7.6 Billion Valuation, Shin Kong Shareholders to Vote on 9th October 2024 Meeting, Taiwan Financial Supervisory Commission Approval is Required for the Share Purchase “
Taiwan CTBC Holding Offers $4 Billion to Buy 51% of Taiwan 5th Largest Financial Group Shin Kong Financial Holding at NT$14.55 in Cash & Stock Representing 17% Premium to Closing Price (23/8/24), Taishin Financial Holding Had Offered NT$11.32 in Share Swap, Shin Kong Shareholders to Vote on 9th October 2024 Meeting, Taiwan Financial Supervisory Commission Approval is Required for the Share Purchase
28th August 2024 – Taiwan CTBC Holding has offered $4 billion to buy 51% of Taiwan 5th largest financial group Shin Kong Financial Holding at NT$14.55 in cash & stock representing 17% premium to closing price (23/8/24). Taishin Financial Holding had earlier offered NT$11.32 in share swap to Shin Kong. Shin Kong shareholders will be voting on 9th October 2024 meeting. The Taiwan Financial Supervisory Commission approval is required for the share purchase. Shin Kong Financial Holding (SKFH) was established on February 19, 2002. It is headquartered at the Shin Kong Life Tower, a financial landmark building in Taipei. SKFH is committed to both sustainable operations and corporate social responsibility. Its subsidiaries Shin Kong Life Insurance Co., Ltd. (SKL), Taiwan Shin Kong Commercial Bank Co., Ltd. (SKB), Shin Kong Investment Trust Co., Ltd. (SKIT), Shin Kong Property Insurance Agency Co., Ltd. (SKPIA), Shin Kong Venture Capital International Co., Ltd. (SKVC) and MasterLink Securities (MLS) are also dedicated to providing customers with the best financial services. SKFH provides a full range of financial products and services through its subsidiaries in life insurance, banking, securities, asset management and insurance brokerage and delivers these products through an extensive distribution network (including 372 outlets of SKL, 103 branches of SKB, and 43 branches of MLS) to 6 million customers.
Shin Kong Financial Holding (SKFH) was established on February 19, 2002. It is headquartered at the Shin Kong Life Tower, a financial landmark building in Taipei. SKFH is committed to both sustainable operations and corporate social responsibility. Its subsidiaries Shin Kong Life Insurance Co., Ltd. (SKL), Taiwan Shin Kong Commercial Bank Co., Ltd. (SKB), Shin Kong Investment Trust Co., Ltd. (SKIT), Shin Kong Property Insurance Agency Co., Ltd. (SKPIA), Shin Kong Venture Capital International Co., Ltd. (SKVC) and MasterLink Securities (MLS) are also dedicated to providing customers with the best financial services. SKFH provides a full range of financial products and services through its subsidiaries in life insurance, banking, securities, asset management and insurance brokerage and delivers these products through an extensive distribution network (including 372 outlets of SKL, 103 branches of SKB, and 43 branches of MLS) to 6 million customers.
CTBC Holding was established in 2002. Our headquarters are in Taiwan’s capital, Taipei, but our workforce of 31,200 spans the country, region, and globe. The Company has nine subsidiaries: CTBC Bank, Taiwan Life, CTBC Securities, CTBC Venture Capital, CTBC Asset Management, CTBC Investments, CTBC Finance, CTBC Security, and Taiwan Lottery. Driven by a spirit of innovation, we maintain a comprehensive suite of products and services and, to this end, proactively invest in our digital transformation. In addition to digitizing business processes, we have established blockchain and artificial intelligence labs as well as a Big Data research and development center. These efforts have helped us surpass our financial industry counterparts to develop business innovations that meet the needs of the market and our customers. Spanning 14 countries and regions, we have over 410 outlets worldwide, including domestic and overseas branches and subsidiaries in sectors such as banking, life insurance, securities, and venture capital. Our subsidiary CTBC Bank has the most extensive international presence of any Taiwanese bank. The Bank’s overseas service network is focused around Greater China, Japan, North America, and Southeast Asia. With a Japanese subsidiary, The Tokyo Star Bank, and CTBC Bank subsidiaries in the U.S., Canada, Thailand ,the Philippines, and Indonesia, the Bank has a strong foundation for regional business, providing international enterprises with comprehensive transnational financial services.
Taishin Holdings (Taishin FHC) is a holding company that provides comprehensive financial services. The Chairman Thomas T.L. Wu founded Taishin Bank in 1992. The Bank has always been committed to the philosophy and spirit of hard work to become the “Smart Partner” for customers. Taishin FHC was founded in 2002 to provide customers with more comprehensive services. The Taishin Group includes subsidiaries and affiliates such as Taishin Bank, Taishin Securities, Taishin Securities Investment Trust, Taishin Securities Investment Advisory, Taishin Venture Capital, and Taishin Asset Management, which use innovative business models to satisfy customer requirements. To create a comprehensive range of financial services, the Board of Directors of Taishin FHC resolved to merge Prudential Life Insurance of Taiwan Ltd. (hereinafter referred to as Prudential Life Insurance) in August 2020 and obtained approval from the FSC in June 2021. After the incorporation of Prudential Life Insurance, Taishin FHC will provide customers with comprehensive and diverse financial products and high-quality services with integrated resources for the three core businesses of banking, insurance, and securities. We shall continue sustainable development and work hard to become the leading brand for the Chinese-speaking community. Taishin FHC manages core financial enterprises and remains committed to our corporate social responsibilities. We integrate the resources of subsidiaries to promote arts and culture, support charity, facilitate academic exchanges, and implement environmental protection. We seek to give back to the nation and the society by making use of our corporation influence.
Taiwan CTBC Holding Offers $4 Billion to Buy 51% of Taiwan 5th Largest Financial Group Shin Kong Financial Holding at NT$14.55 in Cash & Stock Representing 17% Premium to Closing Price (23/8/24), Taishin Financial Holding Had Offered NT$11.32 in Share Swap, Shin Kong Shareholders to Vote on 9th October 2024 Meeting, Taiwan Financial Supervisory Commission Approval is Required for the Share Purchase
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