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Chang Hwa Commercial Bank announces CHB Life Insurance Agency Company &CHB Insurance Brokerage Company is merged by Chang hwa Commercial Bank.
- 1.Type of merger/acquisition (e.g.merger, consolidation, spin-off, acquisition, or receiving assignment of shares):Merger.
- 2.Date of occurrence of the event:2016/02/25
- 3.Names of companies participating in the merger (e.g.name of the other company participating in the merger or consolidation, newly established company in a spin-off, acquired company, or company whose shares are taken assignment of):Chang Hwa Commercial Bank (existing company) CHB Life Insurance Agency Company (dissolved company). CHB Insurance Brokerage Company (dissolved company)
- 4.Counterparty (e.g.name of the other company participating in the merger or consolidation, company taking assignment of the spin-off, or counterparty to the acquisition or assignment of shares):Chang Hwa Commercial Bank (existing company)
- 5.Relationship between the counterparty and the Company (investee company in which the Company has re-invested and has shareholding of XX%), and explanation of the reasons for the decision to acquire, or take assignment of the shares of, an affiliated enterprise or related person, and whether it will affect shareholders' equity:CHB Life Insurance Agency Company & CHB Insurance Brokerage Company are both 100% owned subsidiaries of Chang Hwa Commercial Bank. The merger will not affect shareholders' rights.
- 6.Purpose/objective of the merger/acquisition:The purpose of the merge is to integrate resources and to create comprehensive benefit.
- 7.Anticipated benefits of the merger/acquisition:The anticipated benefits are to integrate resources to reduce cost and to improve efficiency.
- 8.Effect of the merger or consolidation on net worth per share and earnings per share:The merger will bring cost-down, efficiency, and positive effect on net worth per share and earnings per share in the future.
- 9.Share exchange ratio and basis of its calculation:None.
- 10.Scheduled timetable for consummation:The basis of merger date is slated for April 1 2016, but the actual date will be announced if changes.
- 11.Matters related to assumption by the existing company or new company of rights and obligations of the extinguished (or spun-off) company: The assets and the liabilities in account before the basis of merger date, and the rights and the obligations in valid after the basis of merger date both of CHB Life Insurance Agency Company & CHB Insurance Brokerage Company , will be generally assumed by Chang Hwa Commercial Bank.
- 12.Basic information of companies participating in the merger: Chang Hwa Commercial Bank runs banking business; CHB Life Insurance Agency Company runs Life Insurance Agency; CHB Insurance Brokerage Company runs Property Insurance Brokerage.
- 13.Matters related to the spin-off (including estimated value of the business and assets planned to be assigned to the existing company or new company; the total number and the types and volumes of the shares to be acquired by the split company or its shareholders; matters related to the reduction, if any, in capital of the split company) (note: not applicable other than where there is announcement of a spin-off):Not applicable.
- 14.Conditions and restrictions on future transfers of shares resulting from the merger or acquisition:None.
- 15.Other important stipulations:None.
- 16.Do the directors have any objection to the present transaction?:None.
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