Taiwan banks in all-stock merger
(Taiwan) - Eleventh ranked United World Chinese Commercial Bank (UWCCB) and smaller Cathay United Bank will merge on September 30 after announcing an all-stock deal.
The merger of the two banks, both units of Taiwan's largest listed financial group - Cathay Financial Holdings - will create a top ten bank in a market undergoing major consolidation.
Taiwan has 50 banks serving a market of 23 million, and the sector is regarded as overcrowded.
The new entity, to be named as Cathay United Bank, will have assets of over NT$830 billion (US$24 billion) and 112 operating offices, Cathay Financial Executive Vice President Lee Chang-Ken told reporters at a news conference.
Taiwan has 50 banks serving a market of 23 million, and the sector is regarded as overcrowded.
The new entity, to be named as Cathay United Bank, will have assets of over NT$830 billion (US$24 billion) and 112 operating offices, Cathay Financial Executive Vice President Lee Chang-Ken told reporters at a news conference.
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