Taiwan’s Yuanta Financial Holdings said it is acquiring Ta Chong Bank at a price of NT$56.55 billion, which will make it the seventh-largest private bank in Taiwan. Under the terms of an agreement, Yuanta will acquire Ta Chong’s equity at the price of NT$8.15 per share. Through the share swap, Ta Chong’s shareholders will receive NT$8.15 in cash as well as Yuanta shares for each Ta Chong share they own. After the acquisition, Yuanta’s asset holding will reach NT$1.25 trillion, with nearly NT$1 trillion in savings, NT$75 million in loans, and 500,000 credit cards. Yuanta currently has 88 branches on the island while Ta Chong owns 67. Most of Yuanta’s banks are located in Central Taiwan, while Ta Chong’s are centered in Northern and Southern Taiwan. Yuanta’s provides loans mostly to institutions while Ta Chong’s customers consist mainly of private individuals.
