Thu, Feb 16, 2006 - Page 11 News List

Business Briefs


■ Alliance may stop takeover

Taiwan International Securities Corp (金鼎證券) said it has formed an alliance with Legacy Partners Group LLC to ward off a China Development Financial Holding Corp (中華開發金控) takeover bid. Taiwan International will receive advice and assistance from Legacy Partners, a New York-based investment bank, on how to block the possible takeover bid from China Development, the Taipei-based brokerage said in a statement to the Taiwan Stock Exchange yesterday. The alliance will also help Taiwan International develop into an international securities brokerage, the statement said.

■ Hsu Te-nan starts work

Hsu Te-nan (許德南), former president of state-controlled Hua Nan Financial Holding Co (華南金控), yesterday took the helm of the Bank of Taiwan (台灣銀行), the nation's largest lender, after the wholly state-run bank's former chairman Joseph Lyu (呂桔誠) was promoted to finance minister. Lawmakers had agreed to delay the deadline of the bank's privatization to the end of next year in order to review the proposed merger with the state-controlled Land Bank of Taiwan (土地銀行), newswire ETToday cited Hsu as saying yesterday.

■ NT dollar falls

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.052 to close at NT$32.352. A total of US$915 million changed hands during the day's trading.

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