Taiwan: merger of equals kicks off consolidation
Taiwan’s bank consolidation, eagerly promoted by the government, seems to be starting in earnest. In June, SinoPac Financial Holdings and International Bank of Taipei announced a deal to form Taiwan’s fourth-largest privately owned bank.
Promoted as a merger of equals, the deal entails the acquisition by SinoPac of IBT in a share-for share exchange. The merged bank will have more than 2.5 million customers, some 130 domestic branches and assets of NT$1,002 billion ($31.3
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