Shin Kong banks on Macoto

Shin Kong Financial Holding Company (FHC) announced yesterday (April 19) that it has reached agreement to acquire Macoto Bank in a transaction valued at NT$20 billion ($633.5 million). The deal represents the first benchmark M&A deal from Taiwan's financial sector so far this year and both the government and investment bankers will be hoping it proves a catalyst for many more in a country where there are still 49 banks.