Bank of Taiwan will acquire Central Trust of China to create the island’s largest financial group, under a government plan to make lenders more competitive.
The second merger of state-owned banks this month would form a group that controlled 11.6% of the market, the finance ministry said in a statement yesterday. Taipei-based Bank of Taiwan will add life insurance to its main business of taking deposits for government and military personnel.
Taiwan lags South Korea and Malaysia in creating fewer, larger banks as the island’s US$700bil industry opens wider to competition from global lenders such as Citigroup Inc and HSBC Holdings Plc. The merged bank will have NT$3 trillion (US$89bil) of assets, surpassing the Tsai family’s Cath
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