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Fubon Financial eyes stake in First Sino
By Lilith Hu |
December 28, 2012, Friday
|
Print Edition
Print Edition
FUBON Financial Holding Co, the second-biggest financial company listed in Taiwan, plans to acquire 80 percent of Shanghai-based First Sino Bank for 6.5 billion yuan (US$1 billion) in the largest purchase by the island of a Chinese mainland company.
Fubon Financial plans to buy 29 percent of First Sino and its banking unit Taipei Fubon Bank will purchase 51 percent for a combined 5.65 billion yuan, Fubon Financial said in a statement yesterday.
Fubon Financial and Taipei Fubon will subscribe for an additional 800 million yuan of new shares after the purchase, proportionate to their holdings.
The transaction is still subject to regulatory approval on the mainland and Taiwan.
The completion of the purchase will also make Fubon Financial the first company from Taiwan to invest in a mainland-based financial institution since the relaxation of cross-Strait banking restrictions in 2008.
Headquartered in Lujiazui area in the Pudong New Area, First Sino is the first joint venture bank set by mainland and Taiwan institutions in 1997.
Financial regulators in Taiwan have urged lenders to expand faster on the mainland as cross-Strait trade topped US$152 billion in the first 11 months of this year, according to the Association of Economy and Trade Across Taiwan Straits.
Taiwan is poised to become the world's second offshore center for the yuan. Fuh Hwa Securities Investment Trust Co will start marketing the island's first yuan-denominated bond fund within three months, the company said yesterday.
Fubon Financial plans to buy 29 percent of First Sino and its banking unit Taipei Fubon Bank will purchase 51 percent for a combined 5.65 billion yuan, Fubon Financial said in a statement yesterday.
Fubon Financial and Taipei Fubon will subscribe for an additional 800 million yuan of new shares after the purchase, proportionate to their holdings.
The transaction is still subject to regulatory approval on the mainland and Taiwan.
The completion of the purchase will also make Fubon Financial the first company from Taiwan to invest in a mainland-based financial institution since the relaxation of cross-Strait banking restrictions in 2008.
Headquartered in Lujiazui area in the Pudong New Area, First Sino is the first joint venture bank set by mainland and Taiwan institutions in 1997.
Financial regulators in Taiwan have urged lenders to expand faster on the mainland as cross-Strait trade topped US$152 billion in the first 11 months of this year, according to the Association of Economy and Trade Across Taiwan Straits.
Taiwan is poised to become the world's second offshore center for the yuan. Fuh Hwa Securities Investment Trust Co will start marketing the island's first yuan-denominated bond fund within three months, the company said yesterday.
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