January 28, 2014 / 3:30 AM / in 4 years

Taiwan's CTBC to pay $668 mln for China CITIC Bank unit -paper

TAIPEI, Jan 28 (Reuters) - 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 institutions.

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

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