Fubon Financial Holding Co (
The financial institution's remarks came amid several moves toward consolidation in the financial sector. Shinkong Financial Holding Co's (新光金控) takeover of Macoto Bank (誠泰銀行) in a NT$20 billion deal last week was the latest example.
More branches
"We'll consider acquiring banks that have a large number of outlets -- to expand our service network -- when seeking the next merger target for Taipei Fubon Commercial Bank (台北富邦銀行)," Fubon Financial spokesman Victor Kung (龔天行) told reporters on Saturday.
The holding company confirmed its intention to acquire state-run financial institutions in a phone interview with the Taipei Times yesterday.
"Fubon Financial will seriously evaluate [the possibility of buying] state-run banks," Kung said.
Fubon Financial would make an offer for Chang Hwa Commercial Bank (
Reports that bids for Chang Hwa Commercial Bank's global depositary receipt issuance had fallen short of the market price of the company's shares sparked market speculation that it had failed.
Changhwa Commercial Bank said it is scheduled to announce the result this week.
Kung said his company has an advantage over its rivals in terms of experience in absorbing state-run lenders, citing its integration of Taipei Bank (台北銀行) -- previously controlled by Taipei City Government -- into Fubon Commercial Bank (富邦銀行) in 2002.
Other potential targets include the Business Bank (
Fubon Group chairman Tsai Wan-tsai (
Taipei Fubon Commercial bank currently operates 121 branches around the nation.
First Financial
Previously, Fubon Financial had expressed strong interest in acquiring smaller First Financial Holding Co (
Sheih's departure earlier this month, however, re-ignited Fubon Financial's hopes of a merger.
On Saturday, Fubon Financial chairman Daniel Tsai (
Tsai's suggestion came amid rising speculation that the government plans to integrate First Financial Holding with another state-owned company, Hwa Nan Financial Holdings Co (
Shares of Fubon Financial rose 0.35 percent to close at NT$29.05 last Friday on the Taiwan Stock Exchange.
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