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Hua Nan Commercial Bank absorbs insurance arm

Hua Nan Financial Holdings Co. Ltd.'s Hua Nan Commercial Bank Ltd. will absorb wholly owned HNCB Insurance Agency Co. Ltd.

A May 22 filing noted that the move between the two Taiwanese units aims to reduce operating costs and improve efficiency, among other benefits.

The change, which will not affect shareholders' rights, takes effect Sept. 30, subject to regulatory approval. HNCB Insurance Agency, which provides life insurance, will cease all operations thereafter.