Taiwan Cooperative Bank (
"We have been in talks with several European and US financial groups, including BNP Paribas, over forging a strategic alliance," Chen An-hsiung (
Taiwan Cooperative is not the first state-run bank in Taiwan that has sought to team up with foreign financial institutions to improve competitiveness.
In 2002, Chang Hwa Commercial Bank (
Last year, E.Sun Financial Holdings Co (玉山金控) reached a strategic alliance with Prudential Corp Asia through a share-swap deal. The British insurer now owns a 5 percent stake in E.Sun Financial.
Taiwan Cooperative may sell a stake of less than 20 percent to the foreign partner after forming an alliance, according to Chen.
"The plan is to introduce a foreign strategic partner to help upgrade our efficiency, not to sell a controlling stake to it," he said.
Taiwan Cooperative's ownership passed into private hands on April 4 after its employees bought a 12 percent stake and the government's holding fell to less than 50 percent. The government has reduced its stake in the bank to 48 percent from 60 percent as part of efforts to narrow the budget deficit and cut record national debt.
Taiwan Cooperative, with 183 branches across the country, plans to expand its business focus from farmers to other businesses, Chairman Sean Chen (
Shares of Taiwan Cooperative rose NT$0.10, or 0.41 percent, to close at NT$24.20, while the benchmark TAIEX added 0.2 percent.
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