Fubon Financial : The Merger Between Taipei Fubon Bank and Jih Sun Bank has been Approved by the FSC, Which is Expected to Formally Merge on April 1, 2023

The Number of Branches Will Surpass the Highest Number of the Private Banks, Strengthen Operational Strength and Deepen Local Services

In order to strengthen its operational strength and provide customers with more innovative and complete financial services, Taipei Fubon Bank and Jih Sun Bank recently passed the merger by the resolution of the board of directors of both parties (acting on behalf of the shareholders' meeting), and officially approved by the Financial Supervisory Commission on January 18. Both parties jointly agreed that April 1, 2023 will be the base date for the merger. After the merger, Taipei Fubon Bank will be the surviving bank, and the rights and obligations of Jih Sun Bank will be generally assumed to ensure the rights and interests of Jih Sun Bank's customers.

Taipei Fubon Bank said that Jih Sun Bank and Taipei Fubon Bank have their own strengths and characteristics in products and services, and the customer base management is complementary to each other. At present, Jih Sun Bank has about 1.55 million customers, and it is expected that after the merger, it can bring about 850,000 new customers to Taipei Fubon Bank, which can not only give full play to the advantages of the both banks, improve the operating efficiency and capital adequacy ratio through the expansion of business market share and asset scale, consolidate the long-term development niche, and also develop richer and more diversified products and convenient and reliable service platforms by integrating the diversified resources of Fubon Financial Holdings, which is believed to create a new financial experience for Jih Sun Bank's customers.

After the merger, the number of Taipei Fubon Bank's branches in Taiwan will jump from 135 to 179, the highest among the private banks, which will help deepen local operations and balance regional financial development, and the public will benefit from the increase in the number of branches and enjoy more convenient financial services nearby. At the same time, Taipei Fubon Bank has long promoted financial friendly services, and through the increase of service locations, it can further implement the spirit of financial friendliness and fair treatment of customers, and promote the practice of inclusive finance.

According to Jih Sun Bank, Taipei Fubon Bank not only operates steadily but also has been designated by the FSC as one of the six D-SIBs systemically important banks, occupies a leading position in the domestic financial industry, and is committed to providing all-round care for employees and creating a happy workplace, and has been awarded the "Best Employer Award" by "HR Asia" for two consecutive years. After the merger, Taipei Fubon Bank will give all employees of Jih Sun Bank the option to stay and provide complete career planning and development opportunities, hope that with the concerted efforts of outstanding employees of both sides, we can create richer financial value for the people of Taiwan and work together towards a win-win future.

In response to the merger needs, Taipei Fubon Bank and Jih Sun Bank are expected to carry out system conversion operations from March 31, 2023. In order to ensure the rights and interests of customers, the two banks have planned and executed three parallel system testing, cut-through switching drill and stress testing in advance, and strive to complete the merger of the system under the principles of safety, stability and efficiency.

Adhering to the concept of "customer-centric", Taipei Fubon Bank is committed to developing diversified financial products and services, deepening industrial operations, leading financial technology innovation, and creating a convenient one-stop financial experience, which has been well received by the market and customers, and actively promotes the development of core business on the basis of implementing risk control and abiding by laws and regulations, and has obtained "stable" and "positive" prospects from domestic and foreign credit rating companies. Through this merger, it is expected to effectively improve the efficiency of Taipei Fubon Bank's internal operation and management and the efficiency of external customer service, cultivate competitive strength, meet the needs of diversified customer groups with a stronger business lineup and complete financial products and services, and become the most trusted financial partner of the people and enterprises in Taiwan.