Wu Brothers Reunite to Create Taiwan’s Fourth Largest Financial Holding Company
Billionaire siblings Thomas Wu and Eugene Wu, two of Taiwan’s most influential business figures, are joining forces to form the island’s fourth-largest financial holding company. Their firms, Taishin Holdings and Shin Kong Financial Holding, announced a merger that will result in a financial powerhouse with NT$8.3 trillion ($274 billion) in total assets.
This strategic consolidation not only marks a major shift in Taiwan’s financial sector but also symbolizes a reconciliation between the two brothers, who were once estranged over family business disputes.
Formation of TS Financial Holding
Set to be finalized in July 2025, the merger will result in the creation of TS Financial Holding, which combines the strengths of Taishin and Shin Kong. Under the agreement:
- Taishin Holdings will remain the publicly listed entity.
- Shin Kong Financial Holding will be delisted.
- The ownership structure of the merged company will give approximately 52% to Taishin shareholders and 48% to Shin Kong shareholders.
The new firm is positioned to become a dominant force in Taiwan’s financial industry, offering a wide range of services in banking, insurance, and securities.
A Strategic Boost for Market Expansion
The merger is expected to accelerate market growth and broaden the service portfolio of the combined entity. According to Taishin, the merger will enable the company to offer more diversified financial products and expand its footprint in the sector.
This move also supports Taiwan’s government initiative to transform the island into a regional hub for asset management. With combined expertise and resources, TS Financial Holding will be better equipped to compete with other financial giants in Asia.
Reconciliation After Decades of Division
The merger not only signifies a financial consolidation but also highlights a personal reconciliation between the Wu brothers. Thomas Wu, ranked No. 30 on Forbes’ Taiwan’s Richest 2025 list with a net worth of $2.2 billion, is the chairman of Taishin Holdings, which he founded after separating from the family business.
His elder brother, Eugene Wu, ranked No. 44 with a net worth of $1.6 billion, inherited control of the Shin Kong Group after their father, Wu Ho-su, passed away in 1986. He later founded Shin Kong Financial Holding in 2002 and served as its chairman until stepping down in 2020.
The two brothers had been estranged since the 1990s following a power struggle over the control of the Shin Kong empire. The current merger suggests they have set aside past differences to pursue a shared vision for the future of Taiwan’s financial industry.
A Second Chance After a Failed Takeover
This merger comes on the heels of a failed acquisition attempt by another major player in the industry. Jeffrey Koo Jr., ranked No. 13 with a net worth of $4.7 billion, had attempted to take over Shin Kong through his company, CTBC Financial Holding. That deal was ultimately blocked by regulators, clearing the path for the Wu brothers’ firms to combine on their own terms.
The merger was reportedly facilitated through direct involvement by Thomas and Eugene Wu, underscoring the depth of commitment from both parties in moving forward together.
Market Implications and Future Outlook
With NT$8.3 trillion in assets under management, TS Financial Holding will become a formidable player in Taiwan’s financial market. The merger is expected to:
- Enhance competitiveness by integrating complementary financial services.
- Create synergies in operations across banking, insurance, and capital markets.
- Drive innovation and investment in financial technologies.
The deal could also lead to increased shareholder value and stronger financial performance. Analysts suggest that the unified firm may benefit from economies of scale and improved efficiency, putting it in a stronger position to compete both domestically and across Asia.
A Legacy of Business and Transformation
The Wu family’s business roots go back decades, with their late father Wu Ho-su establishing Shin Kong Group, a major textile conglomerate that eventually diversified into finance, real estate, and other sectors. The second generation of leadership has now brought the legacy full circle—this time, with a focus on unity and transformation.
Thomas Wu’s Taishin Holdings emerged from the split, carving out its niche in Taiwan’s finance sector, while Eugene Wu continued the Shin Kong legacy with his own financial group. Their decision to merge represents a landmark shift in the island’s corporate history, blending family legacy with forward-looking strategy.
Conclusion
The merger of Taishin and Shin Kong into TS Financial Holding is more than just a business move—it is a defining moment in Taiwan’s financial landscape and a testament to the enduring influence of family-run empires. As Thomas and Eugene Wu unite their financial institutions, they not only strengthen Taiwan’s market but also write a new chapter in their storied family history.
With regulatory approval and integration under way, the market is now watching how this bold consolidation will shape the future of finance in Taiwan and beyond.