SinoPac Financial completes acquisition of King's Town Bank

Taipei, Oct. 1 (CNA) SinoPac Financial Holding Co. completed its acquisition of King's Town Bank on Wednesday, taking ownership of the third largest number of banking outlets in Taiwan, according to the financial holding firm.

King's Town Bank was delisted from the local main board on the same day, SinoPac Financial said.

The company added that Bank SinoPac will fully merge with King's Town Bank within one year, boosting its number of outlets to 191, the third largest number in the country, up from the current No. 12.

In a ceremony held Wednesday to celebrate the acquisition, Chen Shi-kuan (陳思寬), chairman of SinoPac Financial said the acquisition is expected to create tremendous synergies and raise the bank's competitive edge by providing better services to clients, as the two financial institutions complement each other in business.

King's Town Bank owned 66 branches in Taiwan, including 43 in the Yunlin-Chiayi-Tainan area and five in Kaohsiung, southern Taiwan, while most of Bank SinoPac's 125 branches are located in northern Taiwan.

In addition to King's Town Bank, Chen said, SinoPac Financial has also acquired Cambodia-based Amret, the largest micro-financial firm in the Southeast Asian country, and CL Securities Taiwan Co. over the past year.

The three acquisition deals are expected to create a win-win-win situation for SinoPac Financial's shareholders, clients and employees, Chen added.

SinoPac Financial President Stanley Chu (朱士廷) acknowledged that the company faces challenges with the integration of these entities as they have different operational cultures, employees and clients.

With the acquisition of King's Town Bank, SinoPac Financial's total assets have risen to NT$3.5 trillion (US$115 billion), making it the 13th largest financial holding firm in Taiwan, up from its current 14th place, he said.

The SinoPac Financial-Kings' Town Bank deal, announced in December 2024, proceeded through a cash-stock swap for almost NT$60 billion.

In June, the Financial Supervisory Commission (FSC), the top financial regulator in Taiwan, approved the acquisition plan after a two-and-a-half month review, paving the way to the combination.