Date
19 November 2017

Taiwan’s CTBC to buy CITIC Bank unit for NT$20 bln, paper says

CTBC Bank Co. Ltd., the banking arm of Taiwan’s CTBC Financial Holding Co. Ltd., plans to buy all the shares of CITIC Bank International (China) Ltd., a wholly owned subsidiary of CITIC International Financial Holdings Ltd. (CIFH), for about NT$20 billion (US$658.85 million), United Daily News reported Tuesday, without citing any source. China CITIC Bank Corp. (00998.HK, 601998.CN) owns 70.32 percent of CIFH. Under the proposed deal, CITIC Bank Corp. will also buy a 5 percent stake in CTBC Financial, the report said.

– Contact HKEJ [email protected]

TL/AC/CG

 

 

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