FSC approves Bank SinoPac merger, E.Sun Financial acquisition of Mercuries Life

Taipei, July 7 (CNA) The Financial Supervisory Commission (FSC) on Tuesday approved two major financial deals: the merger of Bank SinoPac and King's Town Bank, and the acquisition of Mercuries Life Insurance Co. by E.Sun Financial Holding Co.

Regarding the banking merger, the boards of directors of Bank SinoPac and King's Town Bank approved the deal on March 27, according to the FSC.

The merger is set for Jan. 1, 2027, with Bank SinoPac as the surviving entity, the commission said.

Once completed, the combined institution will operate 189 branches, making it the second-largest network in the domestic banking sector, trailing only Taiwan Cooperative Bank's 248 branches, said Wang Yun-chung (王允中), deputy director-general of the FSC's Banking Bureau.

Wang added that the combined bank will rank 12th in deposit and loan market share and seventh in ATM network size with 710 machines.

In the second case, E.Sun Financial Holding will acquire a 100 percent stake in Mercuries Life Insurance through a share swap, with the merger tentatively scheduled for Sept. 1, according to the FSC.

The FSC noted that E.Sun Financial has committed to retaining all 10,304 of Mercuries Life's employees for three years while ensuring that the rights of those workers and the insurer's 2.45 million policyholders remain unaffected by the acquisition.

E.Sun Financial and Mercuries Life Insurance each held extraordinary board and shareholder meetings -- on Nov. 5 last year and Jan. 23 this year, respectively -- to approve the share swap deal.

Tsai Huo-yen (蔡火炎), deputy director-general of the FSC's Insurance Bureau, said that the deal met all legal requirements, adding that E.Sun Financial has proven its ability to protect policyholders, retain staff, and support the insurer's future financial needs.

Tsai noted that E.Sun Financial has not yet announced a rebranding, adding that any request to rename Mercuries Life would likely be submitted for regulatory approval after the merger.