ICBC
to acquire 20% of Taiwan’s SinoPac
The
Industrial and Commercial Bank of China (ICBC) announced that it plans to
purchase a 20% stake in Taiwan’s Bank SinoPac. The acquisition is worth
TWD18.7bn (USD625m). If the plan pushes through, it will be the first mainland
Chinese investment in the Taiwanese banking industry. The deal still has to be
approved by Taiwan’s banking regulatory office.
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