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IBF Financial Holdings Co (國票金控) president Michael Ding (丁予嘉) yesterday resigned over conflict of interest allegations relating to the company’s planned acquisition of EnTie Bank (安泰銀行), which is chaired by his brother, Jesse Ding (丁予康). Michael Ding handed in his resignation at 8am ahead of a special shareholders’ meeting in Taipei where the EnTie deal was supposed to be discussed. The move came after IBF Financial board director James Wei (魏憶龍) — who represents Hua-Kang International Asset Management Corp (華康國際資產), a corporate shareholder ...

IBF Financial Holdings Co (國票金控) is to acquire all EnTie Commercial Bank (安泰銀行) shares through a cash-and-share swap to secure a bigger space in the banking market, IBF said yesterday. Under the deal, which was approved by IBF’s board of directors earlier yesterday, each EnTie shareholder is to receive NT$9.46673 in cash and 0.493344 class A preferred shares in IBF for each EnTie share, it said. The class A shares could be converted into IBF common shares after one year, it said. The offer is valued at NT$17.21 per share, a premium of 1.2 percent over EnTie’s closing share ...