Taiwan's Financial Supervisory Commission (FSC) has approved the merger of Bank SinoPac and King's Town Bank, with Bank SinoPac as the surviving bank. Bank SinoPac will issue new shares to the shareholders of King's Town Bank as consideration, with any remaining amount paid in cash.
After the 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. Based on the two banks' merger application documents, the FSC said they complement each other in business locations, main businesses and customer base. It said the merger will help raise the surviving bank's business scale and overall competitiveness.
SHARE ISSUE AND EFFECTIVE DATE
Bank SinoPac plans to issue 1.865 billion new common shares at NT$24 per share and pay part of the consideration in cash. The shares and cash will acquire all King's Town Bank shares currently held by SinoPac Financial Holdings (SinoPac Holdings). The final share swap ratio will be determined after the merger record date.
Bank SinoPac said in a statement that the merger will take effect on a date to be set following regulatory approval, which has now been granted.
SCALE, NETWORK AND RANKING OF THE COMBINED BANK
At the end of December 2025, Bank SinoPac reported total assets of NT$2.83 trillion and King's Town Bank NT$0.36 trillion. The post-merger total of NT$3.19 trillion (US$100.06 billion) would rank Bank SinoPac 12th among all banks in Taiwan and fifth among private-sector lenders.
The combined bank's branches will increase to 191, making it the second-largest network in Taiwan. King's Town Bank contributes 66 branches, 43 of them in Yunlin, Chiayi and Tainan, which gives it a strong presence in southern Taiwan.
Earlier projections, based on FSC Banking Bureau statistics as of September 2024, put the combined total assets at NT$3.1 trillion, lifting the bank from 13th to 12th in Taiwan's banking ranking. It was also projected to rise from 11th to 9th in SME loans, second among private banks, and from 10th to 8th in cumulative January–September pre-tax profit.
FROM HOLDING-COMPANY DEAL TO BANK MERGER
SinoPac Holdings completed its acquisition of King's Town Bank on 1 October 2025 and owns 100% of both banks. The holding-company deal had set terms of NT$26.75 in cash plus 1.15 SinoPac Holdings shares for each King's Town Bank share. Both boards had called an extraordinary shareholders' meeting for 3 March 2025 to seek approval of the share exchange.
When the share exchange was announced, SinoPac Holdings planned to merge Bank SinoPac and King's Town Bank within one year of acquiring the target. King's Town Bank was also to sell its leasing subsidiary and liquidate its securities subsidiary after the shareholders' meeting.
The boards of the two banks, exercising the powers of their shareholders' meetings, resolved to merge on 27 March 2026. Bank SinoPac announced its board approval on Friday that week, saying it would be the surviving entity.