Yuanta Fin says to bid for South Korea's Tongyang Securities

TAIPEI Tue Feb 25, 2014 7:57pm EST

TAIPEI Feb 26 (Reuters) - Yuanta Financial, the parent of Taiwan's biggest brokerage firm, said on Wednesday it will bid for a controlling stake in South Korea's Tongyang Securities.

The move comes after Taiwan's top financial regulator William Tseng said recently he would encourage brokerages to increase investments overseas in part because the Taiwanese market is crowded and fragmented. (Reporting by Faith Hung; Editing by Paul Tait)