TAIPEI (Taiwan News) – The Fair Trade Commission said Wednesday it had no objections to the merger between Taishin Financial Holding Co. and Shin Kong Financial Holding Co.

This leaves the Financial Supervisory Commission as the only government body still required to rule on the issue.

The merger would form the country’s fourth-largest financial institution, but the FTC said the impact of the new company on market competitiveness would be limited, per CNA. It extended the period of its investigation to understand the consequences of the merger, while also consulting other financial groups and the FSC.

The combination of Taishin and Shin Kong would cover less than 15% of their key business areas, including banking and insurance, according to the FTC. In other areas, there was so much competition that a merger between the two would not affect the market. 

The new company will be called Taishin Shin Kong Financial Holding and manage assets estimated at NT$8.3 trillion (US$257.67 billion).