Taishin and Shin Kong Merge: forming TS Financial Holding Co, Taiwan's 4th-largest financial giant
Merger between Taishin and Shin Kong banks set for July 24 completion
Written by an informal, friendly scribe
Get ready for a titanic shake-up in Taiwan's financial sector! Taishin Financial Holding Co (台新金控) and Shin Kong Financial Holding Co (新光金控) are about to tie the knot, as announced by Taishin's Chairman, Thomas Wu, on July 23. The merged conglomerate, named TS Financial Holding Co (台新新光金控), aims to rule the roost as the fourth-largest financial holding company in Taiwan by total assets13.
During the annual general meeting in Taipei, Chairman Wu shared that the merger process sailed smoothly, fending off CTBC Financial Holding Co (中信金控)'s counterbid for Shin Kong Financial. The integration of major subsidiaries under the new umbrella is expected to be completed by June 202613.
The merger timeline breaks down as follows:
- Securities trust business: Penciled in for completion by the end of 2025.
- Life insurance operations: To be sealed in January 2026.
- Securities business: Scheduled for April 2026.
- The grand finale: expect full mergers of major subsidiaries by June 2026, though the banking operations system integration might stretch the deadline to around the Mid-Autumn Festival in September 202513.
While the monetary figures of Taishin Financial's 2024 performance are not available, Wu did share the impressive 2023 stats: a net profit of NT$20.1 billion (US$676 million) and earnings per share of NT$1.39 - a considerable leap from NT$1.01 in the previous year. Some highlights include:
- Taishin International Bank Co (台新銀行) netting an almost 25% increase in net profit at NT$18.5 billion.
- Taishin Securities Co (台新證券) posting a net profit surge of 53% to NT$2.36 billion.
- Taishin Life Insurance Co (台新人壽) recording a net profit of NT$1.24 billion.
With TS Financial, customers should expect a one-stop shopping experience, boosting the company's market share and leveraging artificial intelligence applications to fortify its position13. So, buckle up, folks! Here's to a new era of Taiwanese financial powerhouses!
In this new era of Taiwanese financial powerhouses, customers can look forward to a one-stop shopping experience at TS Financial Holding Co, as they aim to leverage the merger and boost their market share. This merger, scheduled for completion by June 2026, will also bring about the integration of major business subsidiaries, marking a significant shift in Taiwan's financial sector.
