ICBC to acquire 20% of Taiwan’s SinoPac

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.