Cathay Financial Holding Co (國泰金控), the nation's largest financial group by assets, is looking to expand its banking franchise network nationwide through acquisition of local banks, a company executive said.
The company is interested in taking over smaller rivals, Gregory Wang (汪國華), chairman of the group's Cathay United Bank (國泰世華銀行), said on the sidelines of a press conference yesterday.
The company is in talks with several targets, he added.
Cathay United hopes to boost its number of outlets to 200 across the nation, Wang said.
He declined to name the targets, saying that any media exposure could hinder the prospect of a deal.
Cathay United operates 140 branches in Taiwan and 20 outlets overseas.
The lender officially took over Taichung-based Lucky Bank (
The company is studying the feasibility of bidding for the three troubled banks that were taken over by the government, Wang said.
The decisive factor will be whether the government grants the buyers privilege to relocate branches into the greater Taipei area, which is the nation's most lucrative region, he added.
The government is auctioning off the three banks -- Enterprise Bank of Hualien (花蓮企銀), Taitung Business Bank (台東企銀) and The Chinese Bank (中華銀行). The three lenders combined have a total of 97 branches.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion