Taishin, Shin Kong approve merger

This creates Taiwan's fourth-largest financial firm

Shareholders of Taishin Financial Holdings and Shin Kong Financial Holdings have approved a merger through a stock swap, creating Taiwan's fourth-largest financial holding company, reported Focus Taiwan.

At shareholder meetings on Wednesday, 92.72% of Taishin's shareholders supported the merger, whilst Shin Kong shareholders, despite some resistance, passed the deal with 72.29% approval. 

The merger proposal will now be submitted to the Financial Supervisory Commission (FSC) for review.

The boards of Taishin and Shin Kong initially agreed to merge on 22 August. However, on the same day, CTBC Financial Holding launched a competing tender offer for Shin Kong.

CTBC's bid was rejected by the FSC on 16 September due to an inadequate acquisition plan. Days later, CTBC withdrew its offer.