BNP forms $60 mln insurance tie-up in Taiwan

TAIPEI Jan 13 (Reuters) - BNP Paribas SA (BNPP.PA) announced on Tuesday a formation of a T$2 billion ($60 million) insurance tie-up with Taiwan Cooperative Bank 5854.TW, aiming to tap one of Asia's top insurance markets.

BNP Paribas Assurance, part of the French bank, will hold a 49 percent stake in the joint venture while its Taiwan counterpart takes the rest, the Taiwan bank said in a statement.

BNP is entering the market when ING (ING.AS) recently sold its Taiwan insurance business to Fubon Financial (2881.TW), and AIG (AIG.N), the troubled U.S. insurer, is trying to sell its Taiwan business, Nan Shan Life, sources have said. ($1=33.2 Taiwan Dollar) (Reporting by Faith Hung, Editing by Jacqueline Wong)