Reported 12 months ago
FTNN News Network reported on July 2, 2024, that Cai Zhenyu, the younger brother of former Cathay Financial Holdings Chairman Cai Hongtu, is reportedly interested in purchasing SinoPac Bank and King's Bank with the intention of merging the two. However, both banks declined to comment on this rumor, leading to fluctuating stock prices today with SinoPac Bank rising over 1% to 14.75 NTD at one point, while King's Bank initially dropped and later tried to recover but still fell by 0.31% to 63.6 NTD by midday. Cai Zhenyu, formerly Vice Chairman of Cathay Financial Holdings, has been involved in various merger activities post-resignation from Cathay Financial Holdings in 2010, such as attempting to acquire Carrefour which later went to Uni-President, and spending 8 billion NTD to acquire a 20% stake in FamilyMart. Both banks issued clarifications regarding the acquisition rumors with King's Bank stating they do not comment on such matters as per regulations, and SinoPac Bank also choosing not to comment. Earlier rumors indicated that SinoPac Bank and King's Bank were open to selling, with Mega Financial Holding and CTBC Financial Holding expressing interests in King's Bank at one point. Although Mega Financial Holding's previous attempt to acquire SinoPac Bank fell through due to stock trading disputes and lack of approval from the FSC, they did not rule out reviving the merger plan in the future. The stock prices of both banks demonstrated contrasting trends at the opening today, with SinoPac Bank showing an upward trend while King's Bank started low, briefly turned positive, and then declined.
Source: YAHOO