The Financial Supervisory Commission (FSC) has suspended consideration of IBF Financial Holdings Co’s (國票金控) proposal to fully acquire EnTie Commercial Bank (安泰銀行), as IBF Financial had failed to address four of the commission’s doubts about the deal, Banking Bureau Director-General Sherri Chuang (莊琇媛) said yesterday.
The four doubts regard IBF’s financial strength, its funding resources, the benefits from consolidation and job protection, Chuang said.
IBF Financial can refile its application after it fully addresses these issues, Chuang said.
“We noticed that nearly half of the company’s board of directors did not support the merger, and some lawsuits have even been filed amid disputes,”
IBF Financial Holdings Co (國票金控) president Michael Ding (丁予嘉) yesterday resigned over conflict of interest allegations relating to the company’s planned acquisition of EnTie Bank (安泰銀行), which is chaired by his brother, Jesse Ding (丁予康).
Michael Ding handed in his resignation at 8am ahead of a special shareholders’ meeting in Taipei where the EnTie deal was supposed to be discussed.
The move came after IBF Financial board director James Wei (魏憶龍) who represents Hua-Kang International Asset Management Corp (華康國際資產), a corporate shareholder in IBF on Wednesday said that an October board meeting where the deal was approved was not
Taipei, Oct. 14 (CNA) IBF Financial Holdings Co. has agreed to acquire EnTie Commercial Bank for about NT$33.7 billion (US$1.20 billion) to bring the bank completely under its corporate umbrella, according to the two financial institutions.
IBF Financial Holdings Co Ltd’s (國票金控) board of directors on Wednesday approved a plan to enter acquisition negotiations with another company, despite two independent directors’ objection, the firm said in a filing to the Taiwan Stock Exchange.
IBF declined to comment on speculation that EnTie Commercial Bank (安泰銀行) is its target, but said that it has signed a confidential memorandum of understanding with the targeted firm, IBF said.
The Company Act (公司法) stipulates that acquisition plans require approval by at least half of the attendees of a board meeting, in which at least half of the board members are present. This suggests