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Taiwan Banks to Merge
The Bank of Taiwan, the Land Bank of Taiwan and the Central Trust of China will merge into a new bank, according to a report reaching here from Taipei Monday.
A local official was quoted as saying that the merger is aiming at upgrading the competitiveness of local banking industry.
The assets of the new bank will total 3.95 trillion new Taiwan dollars (123.24 billion US dollars), making it the 74th-largest bank in the world.
It will be the third merger since the local authorities launched the drive to reconstruct the local banking system earlier this year.
The first merger plan was for the Cooperative Bank of Taiwan and the ChinFon Commercial Bank, followed by a plan to merge the First Commercial Bank, the Tah An Commercial Bank and the Pan Asia Bank.
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