■ IBT announces acquisition
Industrial Bank of Taiwan (IBT, 台灣工業銀行), a leading investment bank, said yesterday it has signed an agreement to acquire EverTrust Bank, based in California, for US$67 million.
In a statement, chairman Kenneth Lo (駱錦明) said his bank will increase its reach by using EverTrust Bank, a Chinese-owned commercial bank, as a springboard into the US financial markets.
It is the first overseas acquisition by IBT, a bank spokeswoman said.
IBT said it has secured approval for the acquisition from EverTrust Bank's shareholders while the deal requires regulatory approval from both Taiwanese and US authorities.
The acquisition is expected to be completed by the end of this year.
At the end of last year, IBT's total assets amounted to NT$107.67 billion (US$3.28 billion).
EverTrust Bank, operating four branches in California, had US$331 million in total assets as of March this year.
■ ING to buy ABN fund unit
ING Groep NV, the largest Dutch financial-services company, said it will buy ABN Amro Holding NV's Taiwan fund unit through its local unit for as much as 68 million euros (US$86 million).
The acquisition of ABN Amro Asset Management Taiwan Ltd will give the combined units a national market share of almost 17 percent, with assets under management of 10.8 billion euros, ING said in a statement issued yesterday.
ABN Amro's business has assets under management of 2.9 billion euros, making it the fifth largest local mutual fund manager in Taiwan. ABN is the biggest Dutch bank.
The acquisition still requires local regulatory approval, ING said.
■ COA approves Jerseys import
The Council of Agriculture (COA) has opened doors for the import of Jersey dairy cattle, government officials said yesterday.
Jerseys are the world's third-commonest dairy breed and the second-largest in the US, while Holsteins, which are presently the only breed raised in Taiwan, are the world's most popular milkers.
Smaller than Holsteins, an adult Jersey cow weighs around 450kg, with a lifetime milk production capability of around 5,850 kg on average, compared to around 9,640kg for a Holstein, according to the COA.
However, the Jersey cow has a higher feed-to-milk conversion efficiency than the Holstein, while its milk contains more fat and protein than Holstein milk and is suited to making butter and cheese.
In recent years, there has been an increasing demand for dairy products in Taiwan, which has so far only bred Holsteins for drinking milk. To assist local dairy farmers to meet demand, the council has amended the regulations on imported breeding stock to put the Jersey on a short list of dairy breeds allowed to enter the nation.
■ Cargo charter to start
China Airlines (華航) is set to fly the nation's first cargo charter to China tomorrow, an airline official said yesterday.
The China Airlines B747-400 will depart Taipei tomorrow night for the three-hour direct flight to Shanghai, said Charles Chen (陳玉治), an official with the airline.
Authorities agreed to launch limited direct cargo flights last month.
Under the new regulations, Taiwanese and Chinese carriers are only allowed to ship equipment and components utilized by factories in China established by Taiwanese companies.
Tomorrow's flight will carry equipment from Taiwan Semiconductor Manufacturing Co (台積電) to the chip factory it established in Shanghai, officials said.
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