The Financial Supervisory Commission (FSC) has approved the merger of Bank SinoPac and King's Town Bank, with Bank SinoPac as the surviving bank. The merger is set for 1 January 2027, the commission said.
Combined bank to hold NT$3.19 trillion of assets
According to the FSC, after the planned merger the surviving bank will have NT$3.19 trillion in total assets, NT$129.4 billion in capital and 191 operating locations in Taiwan.
Wang Yun-chung, deputy director-general of the FSC's Banking Bureau, said the combined institution will operate 189 branches once the merger is completed. He said that would make it the second-largest network in the domestic banking sector, behind only Taiwan Cooperative Bank's 248 branches.
The FSC's own release cites 191 operating locations in Taiwan rather than a branch count.
New shares and cash fund the transaction
The FSC said Bank SinoPac will issue new shares to the shareholders of King's Town Bank as consideration for the merger. Any remaining amount will be paid in cash.