May. 22, 2012 (China Knowledge) - Taishin Financial Holding Co Ltd, one of the leading financial service providers in Taiwan
, is seeking to take over the Taiwan
unit of New York Life for NT$300 million in an effort to expand into insurance business, said a source familiar with the matter, the Commercial Times reported.
The source said that Taishin Financial's acquisition of New York Life Taiwan is in the final stage.
Taishin Financial, the largest lender by value of loans in Taiwan
’s auto financing market, has subsidiaries in the sectors of banking, securities, bills finance, assets management and venture capital, but it doesn’t have an insurance arm.
In 2011, the company booked a net profit of NT$9.43 billion, with earnings per share at NT$1.26.