TAIPEI (Taiwan News) – The shareholders of Taishin Financial Holding Co. and Shin Kong Financial Holding Co. on Wednesday (Oct. 9) approved a proposal for a merger to form Taiwan’s fourth-largest financial institution.

Agreement at separate shareholder meetings followed months of uncertainty, with rival CTBC Financial Holding Co. launching a takeover bid of its own for Shin Kong which was rejected by the Financial Supervisory Commission (FSC). Shin Kong shareholders approved the merger with Taishin by 72.29%.

The FSC, the country’s top financial regulator, and the Fair Trade Commission (FTC) still need to approve Wednesday’s deal, Radio Taiwan International reported. Shin Kong Chair Mark Wei (魏寶生) said the company had already sent the required documents to the FTC, and he expected to file the application with the FSC by the end of October. He also emphasized he wanted Shin Kong staff to stay on after the merger.

The new unit will be called Taishin Shin Kong Financial Holding and manage assets estimated at NT$8.3 trillion (US$257.67 billion). The group will see a marked increase in its core businesses of banking, insurance, and securities, reports said.