Taiwan’s SinoPac to Merge With King’s Town, Creating Bank With $100 Billion of Assets

The board of Taiwan’s SinoPac Bank approved a merger with King’s Town Bank, according to an exchange filing from the lenders’ parent financial holding company late Friday.

SinoPac Bank plans to issue 1.865 billion new common shares at NT$24 per share, along with a cash component, to acquire all shares of King’s Town Bank held by SinoPac Financial Holdings, which has full ownership of both banks, the filing said.