Shin Kong banks on Macoto

Consolidation in Taiwan''s financial sector inches further forward with the acquisition of Macoto Bank

Shin Kong Financial Holding Company FHC announced yesterday April 19 that it has reached agreement to acquire Macoto Bank in a transaction valued at NT$20 billion $633.5 million. The deal represents the first benchmark MA deal from Taiwan's financial sector so far this year and both the government and investment bankers will be hoping it proves a catalyst for many more in a country where there are still 49 banks.

The acquisition will not remove excess capacity from the banking system. What it does mark is another instance of an FHC creating synergies and building a rounded financial services group through the acquisition of a complementary franchise.

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