No advisers required

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 fragmented banking sector there are 53 commercial banks in Taiwan. It is clearly a government-driven transaction. First Commercial Bank is 39.36%-owned by the government and is one of three listed-but-state-influenced banks the others are Chunghwa...

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