Fubon Financial eyes completion of merger with Jih Sun Financial in Q1'22

Taiwan's Fubon Financial Holding Co. Ltd. expects its merger with JihSun Financial Holding Co. Ltd. to be completed in the first quarter of 2022, the Taipei Times reported Nov. 8.

The shareholders of both companies have approved the proposed amalgamation, according to separate Nov. 5 stock exchange filings.

Fubon Financial plans to pay NT$12.41 per share to fully take over Jih Sun Financial after dividend payment adjustments, according to the publication. The merger has also secured approval from Taiwan's Financial Supervisory Commission and the Fair Trade Commission.

In September, the boards of both entities agreed to merge, with Fubon Financial becoming the surviving entity following the merger. The Taiwanese group holds a 57.93% stake in Jih Sun Financial.

As part of the deal, the merger of the units of both companies, including Taipei Fubon Commercial Bank Co. Ltd., Jih Sun International Bank Ltd., Fubon Securities Co. Ltd. and Jih Sun Securities Co. Ltd., is also expected to be completed by the end of 2022, the report added.

As of Nov. 5, US$1 was equivalent to NT$27.89.