Taishin Investment Trust Co (台新投信), a subsidiary of Taishin Financial Holding Co (台新金控), yesterday approved plans to acquire IBT Asset Management Co (台灣工銀投信), a subsidiary of the Industrial Business Bank (台灣工銀) for NT$437.5 million (US$13.7 million), a company statement said.
The deal, set to be finalized at the end of October, would increase Taishin Investment Trust’s mutual fund to NT$60 billion from NT$19.6 billion, and lift its market share to 2.88 percent from 0.75 percent, the statement said.
“The acquisition will enlarge the company’s economic scale, boosting its ranking from 24 to 16,” the statement said.
Taishin Investment Trust will pay IBT Asset Management NT$175 million, or NT$5 in cash for each of the latter’s shares and an extra NT$262.5 million for its asset-based commercial payments, it said.
The acquisition still needs approval from the Financial Supervisory Commission.
Taishin Financial said it will focus more on asset management in the future by providing funds for its investment subsidiary to expand its business at home and across the Taiwan Strait.
“[The subsidiary] will become more influential following Taiwan’s signing of the Economic Cooperation Framework Agreement (ECFA) with China, as the pact will provide more investment opportunities for local investment firms,” the parent company said.
Currently, Taishin Investment Trust operates 19 different investment funds.
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