Taiwan's Financial Supervisory Commission has blocked the sale of Shin Kong Financial to CTBC. Instead, Taishin Financial is moving forward with its own plan for a merger with Shin Kong Financial.
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00:00Taiwan's Financial Supervisory Commission has blocked the sale of one of the country's
00:05largest financial firms.
00:07Authorities say that the plan for CTBC to purchase Xinkong Financial lacked proper planning
00:14and protection for shareholders.
00:16The decision now paves the way for Xinkong to merge with another group, Taixin.
00:21Shareholders of each entity will hold a meeting on October 9th to approve that merger.
00:27The government is carefully monitoring the process.