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Taiwan Business Bank to receive plans

The government-owned Taiwan Business Bank (台企銀), which is scheduled to complete privatization next month, was expected to receive acquisition plans proposed by a handful of large financial holdings for a review of buyers starting yesterday, according to a Chinese-language newspaper yesterday.

Interested bidders, including Chinatrust Financial Holding Co (中信金控), Fubon Financial Holding Co (富邦金控) and the state-run Mega Financial Holding Co (兆豐金控), in their proposals had to outline share swap plans, employee policies and outlet rearrangement programs, the reports said.

While the bank preferred being sold through a 100-percent share swap to control a certain stake in the joint venture after the merger, bidders reportedly are disposed to buy the state bank through both share-swap and the issuance of preferred shares to prevent the dilution of shareholders' rights.

Goldman Sachs is arranging the transaction.

In response, the Ministry of Finance that controls the state-owned stake in the bank, said yesterday that the deal organizer had not yet reported the number of interested bidders that handed in their proposals.

The forms of acquisition and share-swop ratio can be discussed if interested buyers have differing views, Liu Teng-cheng (劉燈城), director general of the ministry's National Treasury Agency, told reporters yesterday.
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