ABN-AMRO Bank signed a confidentiality agreement with Grand Commercial Bank (
The Netherlands-based ABN-AMRO will complete the deal by swapping shares with Grand Commercial, which is part of the President Group (
Next to be ironed out are price discussions and specific terms of the agreement, the report said.
According to an industry watcher, ABN-AMRO's real target may be the President Group's consumer network.
"One of the strengths of the Grand Commercial Bank is its connection to 7-Eleven convenient stores," said Norman Yin (
The President Chain Store Corp (
"The idea of connecting banking services and convenience stores with electronic fund transfers at the point of sale ... would be a very attractive target for the banking sector," Yin said.
The US and Japan both have adapted the idea of convenience stores providing automatic teller machines.
In Japan, people short of cash but in need of a quick burger can head to a McDonald's that has signed up with banks to provide ATM services.
In Taiwan, the President Chain Store has teamed up with Chinatrust Commercial Bank (中國信託銀行) and Grand Commercial to provide ATM services at 50 7-Eleven stores, which began last year, said Lillian Lin (林立莉), a public affairs specialist at President.
In addition to a broad customer network, the bank has another valuable asset.
"Another strength of Grand Commercial is it's the only bank in Taiwan to provide medium and small-sized businesses with an electronic book-keeping system. The operational cost savings is considerable."
Such services could explain why the "Grand Commercial Bank has become a merger target for foreign financial groups, not necessarily only ABN-AMRO," Yin said.
Meanwhile, ABN-AMRO also is reported to be considering joining President Group in forming a financial holding company after taking more than a 25-percent stake in each of the group's other financial units, including Grand Commercial, Grand Finance Bills Co (
However, both ABN-AMRO and Grand Commercial refused to comment on the report yesterday.
According to the Securities Exchange Law, no information can be revealed before a merger or takeover deal is finalized on a listed company. Grand Commercial is listed on the Taiwan Stock Exchange. Yesterday the bank's share price rose limit up to NT$5.73, or 7 percent.
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