CORRECTED (OFFICIAL)-Unit of Taiwan's Yuanta Fin has not won bid for controlling stake in S.Korea's Tongyang Securities

Wed Feb 26, 2014 3:41am EST

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(Corrects in headline and first graph to say Yuanta Fin withdrew earlier remarks and said it has not won the bid)

TAIPEI Feb 26 (Reuters) - A unit of Taiwan's Yuanta Financial Holdings Co Ltd has not won the bid for a controlling stake in South Korea's Tongyang Securities , Yuanta Financial's spokesman Chuang Yu-de said on Wednesday.

Yuanta said earlier on Wednesday it will bid for the stake, without elaborating.

The move comes after Taiwan's top financial regulator, William Tseng, said recently that he would encourage brokerages to increase investments overseas in part because the Taiwanese market is crowded and fragmented. (Reporting by Lin Miao-jung in TAIPEI; Writing by Lee Chyen Yee and Meg Shen; Editing by Anne Marie Roantree)

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