Mon, Dec 24, 2018 - Page 15 News List

Taiwan Business Quick Take

Staff writer

INVESTMENT

FSC approves Fubon deal

Fubon Life Insurance Co (富邦人壽) has received the Financial Supervisory Commission’s (FSC) approval to invest in real estate in Germany, Fubon Financial Holding Co (富邦金控) said in a regulatory filing on Saturday. The insurer plans to purchase the 40-floor Eurotower in Frankfurt for 575.13 million euros (US$654.7 million). The European Central Bank is the main tenant of the building. The insurer expects to complete the transaction next quarter after gaining permission from the Investment Commission, Fubon Financial said.

ECONOMY

M1B grows 5.09 percent

Last month’s M1B — a measure of the money in circulation — grew 5.09 percent year-on-year, decelerating from a 5.31 percent increase in October, while M2 — which includes the M1B, time deposits, foreign-currency deposits and mutual funds — saw annual growth slow to 3.09 percent from 3.39 percent, the central bank said on Thursday. The deceleration was due to slow growth in passbook savings deposits and a higher comparison base, it said.

BANKING

Lending rates drop

The five major state-run banks last month saw their average lending interest rates fall to 1.341 percent, down 0.019 percentage points from 1.36 percent in October. The five lenders are Bank of Taiwan (臺灣銀行), Taiwan Cooperative Bank (合庫銀行), Land Bank of Taiwan (土地銀行), Hua Nan Commercial Bank (華南銀行) and First Commercial Bank (第一銀行). The decline reflects falling interest rates for consumer loans and those intended for corporate working capital, the central bank said on Tuesday last week. Excluding government loans, interest rates averaged 1.363 percent, down 0.055 percentage points from 1.418 percent a month earlier, it said.

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