Sinopac Fin said ICBC to buy 20 pct stake for T$20 bln
TAIPEI, April 2
TAIPEI, April 2 (Reuters) - Taiwan's SinoPac Financial Holdings Co Ltd will sell 20 percent of its banking unit to Industrial and Commercial Bank of China Ltd (ICBC) for around T$20 billion, the Taiwanese bank said on Tuesday.
SinoPac will issue 1.8 billion shares to ICBC via private placement, according to a statement, and ICBC will become a strategic investor of the bank.
The announcement came one day after the financial regulator said it will ease rules to allow Chinese banks to buy bigger stakes in local banks and permit more Chinese firms to invest in Taiwan's financial industry. (Reporting by Emily Chan; Writing by Clare Jim; Editing by Michael Urquhart)
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