Taiwan’s financial regulatory body says it will map out a plan to merge banks and securities by the end of May at the latest. That’s the word from Financial Supervisory Commission (FSC) Chairman William Tseng on Tuesday.
Tseng said details regarding the buyout offer will be made available to the public.
"There are certain conditions. For example, the shares acquired through public takeover must exceed 51% as the rights of individual investors must be [protected],"said Tseng.
"Also, we hope there is no major controversy over shareholding so that Taiwan’s financial market, including banks and securities, can be further merged.”
Tseng said the FSC welcomes applications from all sectors as there is no need to revise rules and regulations. Tseng also said the chances of having a hostile takeover are unlikely.