TAIPEI Jan 23 A plan by Taiwan's Jih Sun
Financial Holding Co to buy at least 25 percent of
small local life insurer Transglobe Life is running into stiff
opposition from Taiwan's financial regulators, the Commercial
Times reported on Thursday.
Jih Sun, 35.5 percent-owned by a unit of Japan's Shinsei
Bank, is keen to seal the purchase of the Transglobe
stake after the Chinese New Year at the soonest, the paper said,
citing unidentified industry sources.
But Taiwan's financial regulators oppose the deal, the paper
said. Transglobe's major shareholders previously pledged to
regulators that they wouldn't dispose of their holdings for at
least seven years in return for approval of a debt-ridden rival.
Jih Sun and Transglobe officials were not immediately
available for comment.
Taiwan's insurance market is dominated by several local
players, including Cathay Life Insurance, making it difficult
for smaller rivals to compete.
(Reporting by Faith Hung; Editing by Kenneth Maxwell)