Cathay Fin eyes overseas mergers, China

TAIPEI Tue Mar 18, 2014 2:52am EDT

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TAIPEI (Reuters) - Cathay Financial Holdings (2882.TW), whose insurance arm manages about T$2 trillion ($66.7 billion) in client assets, said on Tuesday it is looking at overseas acquisition opportunities and opening banking subsidiaries in China with the T$50 billion it will raise this year.

"Chairman Tseng (William Tseng) wants us to get the funding ready," said President C. K. Lee in an investor meeting.

Cathay Financial, Taiwan's top financial holding firm, said recently it is planning to raise up to T$50 billion via a rights issue for long-term needs.

(Reporting by Faith Hung)

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