Taiwan’s Financial Supervisory Commission has proposed two sets of mergers between government-owned banks to the Executive Yuan in a bid to consolidate the island’s financial sector, the Economic Daily News reported Thursday. According to Finance Minister Chang Sheng-ford, Mega Financial Holding Co. Ltd. will likely merge with one of the three other government-owned banks — First Financial Holding Co., Ltd., Hua Nan Financial Holdings Co. Ltd. and Taiwan Cooperative Bank Co. Ltd. The rest will merge with each other. Chang said there is still no final decision or time table for the mergers, the report said.
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