Chinatrust Financial Holding Co (
"We won't give up any acquisition chances," said Steve Chou (周榮生), the company's spokesman. He declined to say which potential targets the company has been evaluating apart from TaipeiBank and Chung Shing Bank (中興銀行), which the government is putting on sale, or when it expects to make a purchase.
Chinatrust and other financial firms are seeking to expand to compete more effectively in a banking industry that's being increasingly deregulated after Taiwan's entry into the WTO. The industry has 52 domestic banks that are being encouraged by the government to combine into fewer, stronger lenders.
Chinatrust Commercial Bank (
The company "won't rule out" selling its 4.9 percent stake in TaipeiBank, Chou said. Chinatrust bought TaipeiBank shares at an average price of NT$18, compared with TaipeiBank's closing share price of NT$31.40 today.
Chinatrust is bidding together with a foreign asset management company for Chung Shing, which the government seized and is putting on sale.
Chung Shing, which has an estimated NT$88.5 billion (US$2.6 billion) of non-performing assets, could provide an opportunity for Chinatrust to expand into the distressed asset market, Chou said.
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