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The deal, partly via share swap and partly in cash, was announced Saturday after it was approved separately by the boards of the two listed companies, newspapers said.
The deal, pending the financial regulator's approval, would give the new firm, Yuanta Polaris, a 15.7 percent of the domestic securities brokerage market and consolidate its leading position, the China Times said.
The proposed merger is scheduled to be completed before the end of November, and by that time it will also have to be approved at the annual shareholders' meetings of the two sides in June, it said.
Yuanta has guaranteed to keep all the existing employees of Polaris for a minimum of three years.