Shin Kong Financial Holding Co (
The investment would be completed by the end of this quarter and was expected to improve Shin Kong Bank's (新光銀行) capital adequacy ratio to 11.84 percent, according to the filing.
Shin Kong Financial expects its banking arm to rake in NT$8 million in the fourth quarter and another NT$161 million next year as a result of the fund injection, it said.
The capital came from the funds the company raised through the issuance of US$250 million of European convertible bonds last December, which was earmarked for acquisition purposes, the company said.
The company may use the funds to help refinance high-cost debt incurred in last year's acquisition of Macoto Bank (
However, the financial group was later forced to change the declared purpose of the funds as a result of the staggered consolidation of the nation's financial sector following protests from unions linked to state-run lenders such as Taiwan Business Bank (台灣企銀), the company said in the statement.
Shin Kong Financial said it planned to use the remaining NT$4.57 billion to acquire rivals such as MasterLink Securities Corp (
Shin Kong said it would acquire MasterLink shares on the open market and the two companies reportedly expressed strong interest in a partnership after the chairman of Shin Kong Financial, Eugene Wu (
Shin Kong Financial reported earnings of NT$5.88 billion, or NT$1.36 per share, for the first half of this year. Shares of Shin Kong dropped 1.8 percent to close at NT$18.7 yesterday.
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
‘LASER-FOCUSED’: Trump pledged tariffs on specific sectors, including semiconductors, pharmaceuticals, steel, copper and aluminum, and perhaps even cars US President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5 percent, the latest in a string of signals that he is preparing widespread levies to reshape US supply chains. “I have it in my mind what it’s going to be but I won’t be setting it yet, but it’ll be enough to protect our country,” Trump told reporters on Monday night. Asked about a report that incoming US Secretary of the Treasury Scott Bessent favored starting with a global rate of 2.5 percent, Trump said he did not think Bessent supported that and would not
RSS