Yuanta Fin to get controlling stake in Tongyong Securities
TAIPEI Feb 27 (Reuters) - Yuanta Financial Holdings Co , the parent of Taiwan's biggest brokerage, has won a bid for a stake of 27.06 percent in South Korea's Tongyang Securities Inc as it expands its footprint overseas, a company official said on Thursday.
Yuanta will get another stake of 23.24 percent eventually through a rights issue, the official said, allowing it to have a controlling 50.3 percent stake in Tongyang Securities.
The move by Yuanta, which submitted its bid on Wednesday, comes as Taiwan's financial regulator encourages brokerages to look overseas for expansion as the home market is crowded. . (Reporting by Lin Miao-jung; Writing by Faith Hung; Editing by Clarence Fernandez)