CTBC Financial Holding Co. has offered NTD14.55 (USD0.46) per share in cash and stock for a 51% stake in Shin Kong Financial Holding Co., a 17% premium over Shin Kong’s last closing price, outbidding rival Taishin Financial’s NTD11.32 stock-swap offer. The NTD131.4bn (USD4.11bn) bid aims to create Taiwan’s largest financial holding company by assets. The proposal follows a week of intense activity in Taiwan’s banking sector, as authorities push to diversify the economy away from tech. Shin Kong shareholders will vote on Taishin’s offer on Oct. 9, but CTBC’s participation depends on regulatory approval. Shin Kong has faced multiple crises in recent years, including fines for poor internal controls at its life insurance unit.