The Central Deposit Insurance Corp (CDIC, 中央存保) yesterday auctioned off the debt-ridden Fengshan Credit Cooperative (鳳山信合社) in Kaohsiung County for NT$1.1 billion to the Chinatrust Commercial Bank (中信銀), a banking arm of Chinatrust Financial Holding Co (中信金控).
Chinatrust bank outbid six other competitors, the CDIC confirmed in a written statement.
CDIC president Johnson Chen (
Chen said that the deal is a good bargain for Chinatrust since it will be allowed to increase its number of branches within the next five years.
Chinatrust will also be allowed to relocate six of Fengshan's branches Kaohsiung to other cities and counties as part of its expansion plan, Chen added.
According to the CDIC, Feng-shan now operates eight outlets in Kaohsiung County and has rights to re-open two of its branches.
Chinatrust also expressed satisfaction with the auction, saying that the deal will help increase its branches from 101 to 110. Each branch costs between NT$80 million and NT$120 million.
Chinatrust will also be allowed to relocate the Fengshan's remaining four outlets in Kaohsiung County, the bank said.
In early April, the CDIC took over Fengshan, which has capital of NT$300 million and reported a 50 percent non-performing loan (NPL) ratio as of March, after it posted a negative net assets of NT$1.9 billion.
The Financial Restructuring Fund was set up in 2001 to help clean up bad loans and dispose of failed banks.
In May, the CDIC disposed of the Kaohsiung Business Bank by using fund to pay NT$13.4 billion to E.Sun Commercial Bank (
SinoPac Holdings Co (
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