TS Financial establishment shows financial sector growing through M&A

Taipei, July 24 (CNA) The inauguration of TS Financial Holding Co. demonstrates that Taiwan's financial sector is growing through mergers and acquisitions, company chairman Thomas Wu (吳東亮) said on Thursday, when the merger of Taishin Financial Holding Co. and Shin Kong Financial Holding Co. was completed to create TS Financial.

Speaking at a cocktail party held Thursday afternoon to celebrate the establishment of TS Financial, Wu said the combination of Taishin Financial and Shin Kong Financial was the first friendly takeover in the history of the local financial sector and also unprecedented in the sector.

The case signals "Taiwan's financial sector is embracing M&A to grow and adjust its structure in a bid to join other Taiwanese investors and compete in a new global market landscape," Wu said.

Earlier in the day, Wu unveiled the company's nameplate at an inauguration ceremony at its Taipei headquarters, marking the official launch of the merged entity's operations.

Taishin Financial and Shin Kong Financial first announced the merger in August 2024. The deal was approved by shareholders in October, cleared by the Fair Trade Commission in January 2025, and received final approval from the Financial Supervisory Commission in late March, paving the way for the merger.

During the process, the two companies fended off a counterbid from CTBC Financial Holding Co., which also sought to acquire Shin Kong Financial.

After the merger, TS Financial's total assets hit NT$8.3 trillion (US$283 billion), making it the fourth largest financial holding firm in Taiwan in terms of total assets, trailing only Cathay Financial Holding Co., Fubon Financial Holding Co. and CTBC Financial.

Local news media have described Wu, who is the chairman of Taishin Financial, as Taiwan's boldest banker in terms of M&A. The merger with Shin Kong Financial is the latest in a series of acquisitions for Taishin Financial, which has launched 13 M&A plans since the 1990s, with 10 successfully completed.

Wu expressed gratitude for the support of shareholders and employees from Taishin Financial and Shin Kong Financial for the merger, saying the combination represented an extension of the two financial brands.

He said the merger represented a mission for the new company to pass down its services from generation to generation.

"The merger is expected to create substantial synergies to provide comprehensive financial services to our customers," Su said.

Citing a motto from his late father Wu Ho-su (吳火獅), a respected entrepreneur in Taiwan -- "maintaining the status quo means falling behind, while research and development will lead to progress," Wu said the establishment of TS Financial symbolized the local financial system strengthening to help Taiwan's economy steam ahead.

Wu said his father always taught him through his behavior that enterprises should take from society and give back to society.

"On the inauguration of TS Financial, I think my father would be proud of me if he were alive," Wu said.

In an internal letter to employees, Wu said he is well aware that TS Financial has to go through integration after the merger, so stabilizing personnel and retaining talent will be critical.

Following the completion of the financial holding company merger, the integration of securities trust businesses is scheduled for the end of this year, with life insurance and securities integration planned for January and April 2026, respectively.