Taiwan's Fubon Fin wins Chinese approval on First Sino Bank merger
TAIPEI Dec 24 (Reuters) - Taiwan's Fubon Financial Holding on Monday evening said its plan to acquire a majority stake in China's First Sino Bank has won approval from the Chinese regulator, making it the first banking merger across the Taiwan Strait.
Fubon announced last year it would purchase 80 percent of First Sino Bank for 6.45 billion yuan ($1.06 billion).
Fubon will also become the only Taiwanese bank with subsidiaries in both Hong Kong and China. ($1 = 6.0702 Chinese yuan) (Reporting by Clare Jim; Editing by Anupama Dwivedi)
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