Norway’s Sovereign Wealth Fund Raises Cathay, Fubon Stakes, Holds 26 Taiwan Financial Stocks at End-2025

Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), is the world’s largest sovereign wealth fund. Its assets totaled about 20 trillion Norwegian kroner, or roughly $2 trillion, as of December 31, 2025. The fund has long ranked among the major foreign shareholders in Taiwan’s financial stocks, and changes in its holdings reflect how global long-term investors are allocating capital across financial holding companies, banks and merger-related opportunities.

The latest data show that the fund held shares in 26 Taiwanese financial companies as of December 31, 2025. During the second half, it increased its stake in Cathay Financial Holding from 0.64% to 0.77% and its Fubon Financial Holding stake from 0.83% to 0.89%. Its five largest holdings by ownership percentage were SinoPac Financial Holdings at 1.41%, CTBC Financial Holding at 1.29%, E.Sun Financial Holding at 1.17%, KGI Financial Holding at 1.11% and Yuanta Financial Holding at 0.98%. The list shrank from 28 companies at midyear to 26 after Shin Kong Financial Holding merged into Taishin Financial Holding and SinoPac Financial Holdings acquired King’s Town Bank.