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Fri, May 24, 2002 - Page 18 News List

United World denies report

STAFF WRITER

United World Chinese Commercial Bank (世華銀行), the subject of a tussle between Taiwan's two largest financial groups, denied a Chinese-language newspaper report that it will pick a buyer within three weeks.

United World wants offers from Cathay Financial Holding Co (國泰金控), which owns Taiwan's largest life insurer, and Fubon Financial Holding Co (富邦金控), which controls Taiwan's largest non-life insurer, before complying with the two potential buyers' earlier requests for close looks at the bank's books, United World Executive Vice President Andrew Tsai (蔡清雲) said.

"Two to three weeks is impossible; a decision will at least need approval by both boards of directors," Tsai said. But he said he didn't know if United World's board had received formal offers from either Cathay or Fubon.

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