Bank SinoPac board approves merger with King's Town Bank

Taipei, March 27 (CNA) Bank SinoPac said Friday its board has approved a merger with King's Town Bank, with Bank SinoPac being the surviving entity.

The merger will take effect on a date to be set following regulatory approval, Bank SinoPac said in a statement.

The bank said it plans to issue 1.865 billion new common shares at a premium price of NT$24 per share and pay part of the consideration in cash to acquire all shares in King's Town Bank currently held by SinoPac Financial Holdings (SinoPac Holdings).

The final share swap ratio will be determined after the merger record date.

Following the merger, Bank SinoPac's total assets will reach NT$3.19 trillion (US$100.06 billion), ranking 12th among all banks in Taiwan and fifth among private-sector lenders. Its total number of branches will increase to 191, making it the second-largest network in the country.

SinoPac Holdings completed its acquisition of King's Town Bank on Oct. 1, 2025, with the bank becoming a wholly owned subsidiary of SinoPac Holdings.

With the acquisition of King's Town Bank, SinoPac Holdings' total assets rose to NT$3.5 trillion, making it the 13th largest financial holding company in Taiwan.