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TaiwanÆs big bank merger has everything except M&A advisers.

In Taiwans most significant bank merger yet, no MA advisers have been appointed. The merger of First Commercial Bank, Pan Asia Bank and Dah An will create a bank controlling 9% of the countrys banking sector. However, bankers remain puzzled that no advisers were used on a transaction that one banker described as coming out of the blue.

On the positive side, the merger will boost the governments policy of restructuring the countrys...

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