Slaughter and May advised Yuanta Commercial Bank on its merger with Ta Chong Bank in Hong Kong
Slaughter and May advised Yuanta Commercial Bank Co., Ltd (YCB) on the Hong Kong regulatory aspects of its merger with Ta Chong Bank Ltd (TCB).
YCB and TCB, both incorporated in Taiwan, merged pursuant to a statutory merger under Taiwan law, with YCB being the surviving entity. The Taiwan merger was recognised in Hong Kong under the doctrine of universal succession.
The Hong Kong Monetary Authority (HKMA) transferred TCB’s banking licence to YCB. This is the first transfer of a banking licence since 2007. The merger and the transfer of the banking licence completed on 1 January 2018.