Taipei: The Financial Supervisory Commission: The Financial Supervisory Commission (FSC) has approved two significant financial transactions: the merger between Bank SinoPac and King's Town Bank, and E.Sun Financial Holding Co.'s acquisition of Mercuries Life Insurance Co.
According to Focus Taiwan, the boards of directors of both Bank SinoPac and King's Town Bank had previously approved their merger on March 27. The merger is scheduled to take effect on January 1, 2027, with Bank SinoPac emerging as the surviving entity. The merger will result in a combined institution with 189 branches, positioning it as the second-largest network in the domestic banking sector, following Taiwan Cooperative Bank's 248 branches. Wang Yun-chung, the deputy director-general of the FSC's Banking Bureau, highlighted that the combined bank will be ranked 12th in deposit and loan market share and seventh in ATM network size with 710 machines.
In the other major deal, E.Sun Financial Holding will acquire a complete stake in Mercuries Life Insurance through a share swap, with the merger tentatively set for September 1. The FSC emphasized that E.Sun Financial is committed to retaining all 10,304 employees of Mercuries Life for three years, ensuring that the rights of these workers and the insurer's 2.45 million policyholders remain intact post-acquisition.
E.Sun Financial and Mercuries Life Insurance held extraordinary board and shareholder meetings on November 5 last year and January 23 this year, respectively, to approve the share swap deal. Tsai Huo-yen, deputy director-general of the FSC's Insurance Bureau, confirmed that the deal complied with all legal requirements. E.Sun Financial has demonstrated its capability to protect policyholders, retain staff, and support the insurer's future financial needs. Tsai also mentioned that E.Sun Financial has not yet announced any plans for rebranding, indicating that any proposal to rename Mercuries Life would likely be submitted for regulatory approval following the merger.