TAIPEI, April 2 Taiwan's SinoPac Financial
Holdings Co Ltd will sell 20 percent of its banking
unit to Industrial and Commercial Bank of China Ltd (ICBC)
for around T$20 billion, the Taiwanese bank said on
SinoPac will issue 1.8 billion shares to ICBC
via private placement, according to a statement, and ICBC will
become a strategic investor of the bank.
The announcement came one day after the financial regulator
said it will ease rules to allow Chinese banks to buy bigger
stakes in local banks and permit more Chinese firms to invest in
Taiwan's financial industry.
(Reporting by Emily Chan; Writing by Clare Jim; Editing by