Source: CCTV.com

12-02-2008 09:40

Fubon Bank Hong Kong Limited, a subsidiary of Taiwan-based Fubon Financial Holding Corporation Limited, has been approved to buy a stake in Xiamen City Commercial Bank. This makes Fubon the first financial institution from Taiwan to have a stake in a mainland bank.

Fubon Bank Hong Kong Limited has been approved to buy a stake in Xiamen City Commercial Bank.

The Hong Kong-based subsidiary will spend 230 million yuan to buy a 19.9 percent stake in the Xiamen-based lender at 2.3 yuan a share. The transaction is expected to be finished by the end of the year. At the same time, the buyer will send three board directors to increase the number of board directors at the Xiamen bank to 11.

After buying shares in Xiamen City Commercial Bank, the third-largest financial holding corporation in Taiwan will operate in Taiwan, Hong Kong and the mainland.

 

Editor:Xiong Qu