Taipei, June 1 (CNA) Taishin Financial Holding Co.'s plan to enter the life insurance business by acquiring Prudential Life Insurance Company of Taiwan Inc. has been approved by regulators, an official said Tuesday.
FSC approves Taishin bid for Prudential’s local unit
END OF VOTING RIGHTS: The sale of Taishin Financial Holding Co’s shares in Chang Hwa Bank would end its decades-long management dispute with the Ministry of Finance
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) has approved Taishin Financial Holding Co’s (台新金控) application to acquire Prudential Life Insurance Co of Taiwan (保德信人壽), after it committed to selling all of its shares in Chang Hwa Bank (CHB, 彰化銀行) to fund the acquisition and to inject capital into the life insurer, the commission said yesterday.
Taishin Financial later announced that it would sell its CHB shares within six years and would not nominate new CHB board members or exercise its voting rights in the state-run bank’s board elections, ending its decades-long management dispute with the Ministry of Finance.
Prudential has agreed to delay acquisition: Taishin taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
Taishin Financial upbeat over income, silent on life deal
By Kao Shih-ching / Staff reporter
Taishin Financial Holding Co (台新金控) yesterday gave a rosy outlook for fee income and the interest rate spread this year, but was silent on progress toward acquiring Prudential Life Insurance Co of Taiwan (保德信人壽).
Taishin Financial in December last year submitted an application with the Financial Supervisory Commission (FSC) regarding its bid for the local unit of US-based Prudential Financial Inc.
The commission has not yet approved the deal and on Monday said that Taishin Financial had failed to explain the financial resources it would use for the acquisition.