TAIPEI Jan 28 Taiwan's CTBC Financial
plans to acquire a unit of China's CITIC Bank for
T$20 billion ($668 million)and CITIC Bank will buy a 5 percent
stake in the Taiwanese firm a newspaper reported on Tuesday.
A deal would be the latest example of an increase in
business ties between Taiwanese and Chinese financial
CTBC Financial's banking arm, CTBC Bank, will pay cash for
the unit, Hong Kong-based CITIC Bank International Ltd, the
Economic Daily said, citing unidentified industry sources. The
newspaper did not say how much CITIC Bank would pay for its 5
percent holding in CTBC Financial.
CTBC officials declined to comment on the report. CITIC Bank
officials could not be immediately reached for comment.
Last year Sinopac Financial Holding said it would
sell a 20 percent stake in its banking unit to Industrial and
Commercial Bank of China (ICBC) for T$20 billion.
Fubon Financial, one of the most aggressive
Taiwanese financial firms expanding into the Chinese market, has
gained regulatory approval to buy an 80 percent stake in China's
Firstsino Bank for 6.45 billion yuan ($1.03 billion)
(Reporting by Faith Hung; Editing by Edwina Gibbs)