Taishin hopes merger talks continue
The China Post news staffTAIPEI, Taiwan -- Taishin Financial yesterday expressed its hope it and the Ministry of Finance (MOF) can sit down and talk to find a solution to the stalled merger deal between Chang Hwa Bank and Taishin Commercial Bank.
February 23, 2013, 12:01 am TWN
Taishin Financial earlier this week recommended that its banking unit be merged into Chang Hwa, only to meet strong opposition from MOF, which said the merger would go against public interest. The MOF is the majority shareholder in Chang Hwa.
The two banks had planned to hold their respective shareholders' meetings at the beginning of March to discuss the merger. The meetings have been cancelled.
Lin Wei-chun, spokesperson with Taishin Financial, said yesterday media reports about the merger had caused trouble for the Ministry of Finance. “Our chairman, Wu Tung-liang, has already called the MOF to offer his personal apology,” Lin said.
According to media reports, Wu had visited the MOF before the Lunar New Year break and received the ministry's “silent approval” of the merger.
“Wu did pay a visit to the MOF prior to the New Year's, yet they didn't reach any consensus on this issue,” Lin said.
Rao Shih-kan, president of Taishin Financial, meanwhile said that his company is in favor of holding further dialogues with MOF to see how the problem can be resolved.
“I hope we can continue the communication process to narrow our differences,” he said.