TAIPEI – Taiwan’s top financial regulator will meet heads of seven major financial holding firms in August as it looks to encourage the development of banks with large enough scale to compete in Asia, local media reported on Monday.
William Tseng, chairman of the Financial Supervision Commission (FSC), will talk to the companies’ chairmen or presidents about what needs to be done to help them better positioned to play in the “Asia league,” said the Commercial Times and the Economic Daily.
Tseng, who took over the FSC chairman last August, has made it one of his priorities to push for consolidation in the island’s over-crowded and fragmented financial sector, starting by having Mega Financial merge with other state-run banks.
An FSC official said he could not comment.
Mega Financial, Cathay Financial, CTBC Financial and four others were among the seven companies that Tseng will meet, the Commercial Times reported.