Reported 12 months ago
On July 2, 2024, former Cathay Financial Vice Chairman Cai Zhenyu expressed interest in acquiring stakes in AmTai Bank and Jingcheng Bank to promote a merger. Both AmTai Bank and Jingcheng Bank issued important messages this morning stating that they do not comment on the rumors. The Financial Supervisory Commission emphasized that there has been no contact with Cai Zhenyu so far, and regulations are in place for mergers or investments in the financial industry. Speculations suggest that Jingcheng Bank is actively seeking buyers, adding Cai Zhenyu to the list of potential acquirers. Industry insiders estimate that acquiring majority stakes in both banks would cost around 40 to 50 billion NTD, which Cai Zhenyu is deemed capable of. Both banks are currently in discussions with the Financial Supervisory Commission regarding the acquisition and future operating plans, pending approval to proceed with on-site inspections and bidding.
Source: YAHOO