Several foreign sovereign funds have voiced an interest in investing in Mega Financial Holding Co (兆豐金控), attracted by the state-run conglomerate’s stable profitability, company chairman Mckinney Tsai (蔡友才) said yesterday.
Sovereign funds from Canada, Singapore, Norway, Malaysia and Abu Dhabi have all expressed an interest, with some having paid three visits, Tsai said.
That would give the bank-
focused group the necessary capital to acquire peers at home and abroad, in line with its aim to grow into a regional player, Tsai said.
Mega Financial’s dividend yield of 4.5 to 5 percent in the past four years makes it a desirable investment target, Tsai said.
Asked about its merger targets, Tsai said Mega Financial is not taking state-run peers First Financial Holding Co (第一金控) or Chang Hwa Commercial Bank (彰化銀行) into consideration. First Financial is focused on expanding its operations, while Chang Hwa is embroiled in a difficult struggle with Taishin Financial Holding Co (台新金控), he said.
Taishin Financial is the largest shareholder of Chang Hwa and has majority control of the board room.
Mega Financial prefers candidates with strong consumer banking, wealth management and life insurance businesses, Tsai said.
The company will expand its search beyond Asia to Africa in a continued effort to deepen its international exposure, Tsai said.
Mega Financial posted a net profit of NT$3 billion (US$99.83 million) last month, boosting its cumulative income to NT$19.14 billion for the first seven months of the year, company data showed.
The figures translate into earnings per share of NT$1.54 from January to July, placing it fourth behind Fubon Financial Holding Co (富邦金控) at NT$3.81, Cathay Financial Holding Co (國泰金控) at NT$3.03 and CTBC Financial Holding Co (中信金控) at NT$2.01, individual company reports showed.
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