Fubon Financial Holding and Jih Sun Financial Holding Get Taiwan FSC's Nod to Merge

​Taiwan's FSC (Financial Supervisory Commission) has reportedly agreed to allow Fubon Financial Holding and Jih Sun Financial Holding to finalise a merger.

The FSC had revised its regulations in June 2018 to encourage mergers and further consolidation of financial holding companies.

The merger between Fubon Financial and Jih Sun Financial will be the first such merger, reducing the number of Taiwanese financial holding companies from 15 to 14. The deal is expected to conclude in December.

In March 2021, Fubon Financial acquired a more than 50% stake in Jih Sun Financial, after a merger plan was announced in December 2020. Fubon has since been buying outstanding Jih Sun shares on the market.

As of 31 May, Fubon Financial had increased its shareholding of Jih Sun Financial to 73.91%. The remaining shares will be bought with cash as consideration.

Under the deal, Jih Sun Financial would be delisted from the TPEx (Taipei Exchange) and its businesses, assets and liabilities will be absorbed into Fubon Financial.

Taipei Fubon Commercial Bank and Jih Sun International Bank will merge in the first half of next year.