Barclays returns to Taiwan
Barclays Plc, the UK's third-largest bank by assets, received permission from Taiwan's Financial Supervisory Commission to set up a local branch.
Barclays is returning to Taiwan after first setting up a branch in Taipei in 1990, and then closing it in 1995 as it switched its focus to securities and capital markets, the commission said in a statement late yesterday.
Taiwan plans to double annual fund-raising by foreign companies to NT$35 billion (US$1.1 billion) in 2008 from NT$17.5 billion at the end of 2003, Wu Tang-chieh (吳當傑), head of the commission's Securities and Futures Bureau, said on Sept. 20.
Owning the world's third-largest foreign exchange reserves at US$242 billion as of December, Taiwan can finance corporate activities by the world's biggest companies, the commission said in January.
Barclays' branch will be set up in Taipei.
Including Barclays, a total of 36 foreign banks have set up in Taiwan with a total of 68 branches, the commission said.
Japanese, US firms eye bank
Shinsei Bank Ltd, a Japanese lender, and a group led by US investment firm Lone Star Funds plan to bid for a 40 percent stake in Taiwan's Chang Hwa Commercial Bank (彰化銀行), the Asian Wall Street Journal said.
Lone Star's group includes Washington-based buyout firm Carlyle Group Ltd and ING Groep NV, the biggest Dutch financial services company, the report said, citing people familiar with the situation it didn't identify. The deadline for submitting bids is today, the newspaper said.
Chang Hwa is the country's sixth-biggest bank by assets and has a market capitalization of US$3.2 billion.
The government first plans to sell to a single buyer 1.4 billion new shares, or 22 percent of the lender, in the form of global depository receipts. The government will then sell its 1.13 billion shares, or 18 percent of the enlarged bank, to the same buyer.
Credit Suisse First Boston is advising Changhwa on the sale of the receipts, while Citigroup Inc, JPMorgan Chase & Co and ING are advising the Lone Star group, the report said.
EU lifts tax on Taiwan fibers
The EU has announced the lifting of an anti-dumping tax on polyester staple fibers from Taiwan starting yesterday, Bureau of Foreign Trade officials said yesterday.
The EU decided to lift the tax, which was imposed on Dec.16, 1988, after the dumping margin of Taiwanese exporters dropped below 2 percent, the officials said.
According to official statistics, Taiwan exported polyester staple fiber products worth US$90 million to EU nations last year, accounting for 0.38 percent of Taiwan's total exports.
The officials said the lifting of the anti-dumping tax will help enhance the competitiveness of Taiwan's polyester staple fiber products in the EU market.
Taiwan to prepare for meeting
Taiwan will actively prepare for the next Asia and Pacific Life Insurance Conference in 2007, an official from Taiwan said yesterday. Tsai Chin-cheng (蔡錦城), president of the Insurance and Financial Practitioners Association in Taiwan (中華保險與理財規劃協會), made the remarks while taking part in the 8th Asia and Pacific Life Insurance Conference that opened in Genting Highlands, Malaysia yesterday.
To attract other member countries to take part in the Taiwan conference, his association has set up a pavilion at the present conference to provide information and registration services.
The Asia and Pacific Life Insurance Conference is held every two years.
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