TAIPEI, April 21 Taiwan's financial regulator is
set to approve CTBC Financial Holdings' $890 million
acquisition of Taiwan Life Insurance as soon as
Monday, local media reported, sending the insurer's stock
surging 6.9 percent.
The insurer's shares had slid 6.9 percent on Thursday and
lost another 1.8 percent on Friday after the country's Financial
Supervisory Commission (FSC) said it would halt its review of
the acquisition, without giving further details.
The FSC had earlier last week given its approval to a
separate plan by CTBC to purchase Japan's Tokyo Star Bank
for 53 billion yen ($530 million).
The Commercial Times reported that FSC Chairman William
Tseng will hold an internal meeting to review the Taiwan Life
plan and a greenlight is expected.
An FSC official said the FSC will hold a monthly meeting
later today, but declined to elaborate. CTBC and Taiwan Life
officials were not immediately available for comment.
Both companies agreed to the all-stock deal in October, with
their contract expiring in April. Taiwan Life has said it would
not extend the contract if the deal failed to gain regulatory
The deal is expected to help CTBC, parent of Taiwan's
biggest credit card issuer, diversify beyond the island's
crowded banking market.
(Reporting by Faith Hung; Editing by Edwina Gibbs)