Taiwan's biggest life insurance company, Cathay Life Insurance has announced that its board of directors have voted to include Capital Securities into a new financial holding company, Cathay Financial Holding.
This move is an important indication that consolidations in Taiwan's financial sector are now a rising trend, says James von Moltke, head of financial institutions group FIG, Asia Pacific at JPMorgan, which is acting as financial adviser to Cathay Life on the restructuring.
There are too many banks and over 200 securities houses in Taiwan, and while there has been much talk of consolidation in recent years, little progress has been made.
However, under the spur of Taiwan joining the World Trade...
