Taiwan Regulator Rejects CTBC’s $4.1 Billion Bid for Shin Kong

Shin Kong favors friendly merger with rival Taishin Financial
CTBC’s hostile bid wasn’t comprehensive enough, regulator says

The CTBC Financial Holding Co. headquarters building in Taipei, Taiwan.Photographer: An Rong Xu/Bloomberg

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By Miaojung Lin and Chien-Hua Wan

September 16, 2024 at 11:41 AM UTC

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Taiwan regulators rejected CTBC Financial Holding Co.’s $4.1 billion takeover bid for smaller rival Shin Kong Financial Holding Co., blocking the creation of what would have been the island’s biggest financial group.

CTBC’s plan wasn’t comprehensive enough and lacked a guarantee to increase capital for Shin Kong’s life insurance arm, the Financial Supervisory’s vice chairperson Jean Chiu says at a press briefing.