Date
21 October 2018

Three Taiwan firms in race for Concord Bank stake, paper says

Taiwan’s Mega Financial Holding Co. Ltd., Cathay Financial Holding Co. Ltd. and Taishin Financial Holding Co. Ltd. are all in negotiations to buy a majority stake in Ningbo-based Concord Bank Ltd., Commercial Times reported Monday, citing an unnamed person with knowledge of the matter. Mega Financial is most likely to emerge as the winner due to its outstanding profitability and close business relations with major mainland banks, the report said. Mega Financial rejoined the fight after its priority negotiation right, signed with Concord Bank in the first half of the year, expired in August. The China Banking Regulatory Commission is expected to announce the result soon after Taiwan parliament passes the cross-strait service agreement, the report said.

– Contact HKEJ d[email protected]

TL/AC/RC

 

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