Jan 18, 2023

Merger of Taipei Fubon and Jih Sun Bank approved after parent takeover ‘BETTER SERVICE’: The merger is to follow Fubon Financial’s takeover of Jih Sun Financial and make Taipei Fubon the country’s third-largest bank in terms of assets By Kao Shih-ching / Staff reporter Taipei Fubon Commercial Bank (台北富邦銀行) has obtained regulatory approval to merge with Jih Sun International Bank (日盛銀行), after parent Fubon Financial Holding Co (富邦金控) completed its acquisition of Jih Sun Financial Holding Co (日盛金控) in November last year. After the deal takes effect on April 1, Jih Sun International Bank would cease to exist and Fubon would become the nation’s third-largest bank in terms of assets, the Financial Supervisory Commission said on Tuesday. Taipei Fubon Bank’s assets would expand to NT$4.27 trillion (US$140.77 billion) from NT$3.99 trillion, behind Bank of Taiwan’s (臺灣銀行) NT$5.95 trillion and CTBC Bank Co’s (中信銀行) NT$4.57 trillion, the commission said. A person rides a scooter past a Taipei Fubon Bank branch in Taipei’s Neihu District on May 9, 2021. Photo: CNA Taipei Fubon and Jih Sun Bank said the merger would provide wider business deployment and allow for better customer services. They also expect it to help promote resource integration and increase market competitiveness. Taipei Fubon Bank would retain all employees and 44 branches of Jih Sun Bank, raising its total number of branches to 179, the largest among private banks and the fifth-largest among all banks, Banking Bureau Chief Secretary Hou Li-yang (侯立洋) said. It would also boost its market shares in the deposit and loan businesses in Taiwan, Hou said. Taipei Fubon Bank posted a record net profit of NT$22.64 billion last year, up 21 percent year-on-year, thanks to higher fee incomes and investment gains. However, Fubon Financial’s pre-tax profit of NT$60.6 billion last year fell short of market expectations, as its insurance arm was burdened by COVID-19-related claims, regulatory filings showed last week. Fubon Financial last week announced that it would recruit 6,500 people to meet increasing demand for the company and its subsidiaries’ services. The new openings range from overseas business development to information technology and security, data analytics, customer service and risk management, the company said. The company would also recruit 50 to 60 management associates, it said. The new hires are to start working in March, it added. Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.