UBS AG, the world's largest bank by assets, may invest about US$500 million in Bank of China (BOC,
The Swiss bank is negotiating a partnership with China's second-biggest bank that would include cooperating in "certain areas of investment banking," UBS said in a statement yesterday.
"It is envisaged that such a partnership would include commercial cooperation in certain areas of investment banking yet to be agreed, and the possibility that UBS could invest approximately US$400 million to become a strategic investor in BOC," UBS said.
UBS said the discussions were continuing and further details were confidential.
Zurich-based UBS was earlier this month among a group of banks invited to submit a proposal to underwrite BOC's planned US$5 billion initial public offering next year.
The BOC, China's second-largest bank, is planning to sell 20 percent to investors when it lists on the stock market by early next year. In addition, BOC plans to sell up to 25 percent to foreign strategic investors. According to media reports, several foreign banks are already talking to BOC about buying such a stake.
Li Lihui (
UBS ranked 11th among underwriters of China IPOs last year, lagging Goldman Sachs Group Inc and Morgan Stanley, which have local investment banking partners.
"China is the future for all the major investment banks trying to get access to new business streams," said Andy Mantel, the managing director of Pacific Sun Investment Management in Hong Kong.
Bank of America Corp, the second-biggest US bank, on June 17 said it agreed to pay US$3 billion for 9 percent of Construction Bank (
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique