Taiwan's Mercuries becomes top stakeholder in King's Town Bank -report

TAIPEI, June 10 Mon Jun 9, 2014 8:32pm EDT

TAIPEI, June 10 (Reuters) - Mercuries Life Insurance bought a stake in King's Town Bank for T$3.2 billion ($106 million), a newspaper said on Tuesday.

The move would make the insurer the top stake holder of the small bank, raising its stake to 9.62 percent, the Commercial Times reported.

The deal was done via bulk trading after market hours on Monday at an average of T$28.38 per share, it said. King's Town Bank closed at T$28.7.

Officials of both companies were not immediately available for comment. (Reporting by Faith Hung; Editing by Clarence Fernandez)

FILED UNDER: