Fubon Financial Holding Co (
The 33-branch Fubon Bank (Hong Kong), established in a merger between Fubon Financial and Hong Kong's International Bank of Asia (
Fubon Financial offered HK$3.68 per share to acquire the bank, making the merger a HK$4.31 billion (US$550 million) deal.
Under the terms of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China, the bank expects to upgrade its Dongguan office to a branch in two years and start conducting business across the Taiwan Strait.
At the opening ceremony yesterday, Fubon Bank (Hong Kong) chairman Richard Tsai (
He said the company is confident of giving shareholders around 15 percent return in the medium term.
Lee Jin-yi (
"We'll be able to integrate resources between Taiwan and Hong Kong to better serve our customers," Lee told Taipei Times in a phone interview yesterday.
Although the bank currently has a 2 percent market share in Hong Kong, Lee said that with assistance from Fubon Financial, the bank's potential is huge.
Shares of Fubon Bank (Hong Kong) edged up HK$0.10 to close at HK$3.25 on the Hong Kong Exchange and Clearing Ltd yesterday.
Restricted by financial regulations, Taiwanese banking institutions can only set up representative offices in China.
Large banking entities such as Chinatrust Commercial Bank (
"Fubon Financial has taken a slight lead against its rivals and this move will help give its brand name international exposure," said Wang Chien-ming (
"But how much benefit it can garner through this merger will only be known after its first branch is established," he said.
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS