Mega and First will not merge under new financial policy
Taiwan News, Staff Writer
2014-07-01 03:33 PM

Finance departments and agencies have urged the finance industry to engage in “state-held bank mergers” to compete in Asia. Finance Minister Chang Sheng-ford confirmed Tuesday, after listening to the state-held bank merger report, he has determined a “two-pronged” direction with Mega Financial (2886) and First Financial (2892) as the first seeds. Thus, under this new “two-pronged” approach, original bedfellows Mega Financial and First Financial can no longer merge. Instead, both institutions will have to find new M & A targets.

However, according to reports, there is a high degree of overlap among Mega Financial and First Financial’s favored prospects. Mega Financial’s potential acquisitions include Taiwan Cooperative Financial (5880), Hua Nan Financial (2880), and Chang Hwa Bank (2801). First Financial is looking to acquire Taiwan Cooperative Financial, Hua Nan Financial, Taiwan Business Bank (2834) or Chang Hwa Bank.

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