By: Liu Pei-cheng and Elizabeth Hsu
Taipei, Aug. 11 (CNA) Taiwan's Taishin Financial Holdings Co. Ltd. announced Tuesday that it will purchase Prudential Life Insurance Company of Taiwan Inc. for NT$5.5 billion (US$187 million).
Taishin President Welch Lin (林維俊) made the announcement at a press conference held at 7:30 p.m. in Taipei, noting that the acquisition still requires the approval of the Cabinet-level Financial Supervisory Commission.
In its statement, Taishin, one of major financial holding companies in Taiwan, said the deal will help the company integrate its financial business in the areas of banking, securities and insurance, and offer clients more service options.
Taishin also said it will retain all Prudential Life Insurance staff because "employees are always the most important assets." [FULL STORY]