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Goldman helps make Taiwan deal

Goldman helps make Taiwan deal

(Taiwan) - Goldman Sachs and KPMG have succeeded in sealing a US$2.5 billion deal to merge two leading Taiwanese banks. The all-stock merger of state owned International Commercial Bank of China and CTB Financial Holdings is scheduled to go ahead next month.

KPMG was originally involved in the deal, and brought Goldman in to help after the two banks found themselves in dispute over valuations.

CTB is Taiwan's largest infrastructure finance bank and is controlled by the Ministry of Finance. ICBC is one of Taiwan's leading commercial banks and is controlled by the government's executive branch.

The merger will create a new bank, to be called Mega Financial Holding Co, which will then acquire a mid-ranking property insurer, Chung Kuo Insurance.

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