State-Backed Shareholders Gain Edge in IBF Financial Board Election as Tsai Shao-chung Backs Their Leadership

IBF Financial Holdings is the smallest of Taiwan’s 13 financial holding companies by both assets and market capitalization. Its development has long been shaped by competition among state-backed shareholders, Want Want and Nice Group, while organic growth alone has made it difficult to expand. State-affiliated shareholders collectively own about 20%, making the election pivotal to control and any subsequent consolidation. Want Want Group Vice Chairman Tsai Shao-chung supports state-backed shareholders taking the lead to make the company bigger and stronger, but has called for the vice-chairman position to be abolished and management entrusted to professional executives.

On April 16, 2026, IBF Financial’s board approved an uncontested slate of 15 nominees for the May 29 shareholders’ meeting. State-backed shareholders secured eight seats, Nice Group and Renwang three each, and Taiwan Steel Group one, effectively ending the election contest early. On May 20, Finance Minister Chuang Tsui-yun said the company should first stabilize control and strengthen governance before discussing consolidation. Based on assets at the end of March, a merger with Taiwan Cooperative Financial Holding would create a group with nearly NT$6 trillion in combined assets.