Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial services provider by assets, yesterday approved plans to buy local fund house Truswell Securities Investment Trust Co (富鼎投信) for NT$466 million (US$15.6 million), in another bid to expand its business map.
The board of Chinatrust Financial gave its go-ahead to acquire a 98.6 percent stake in Truswell Investment, a move that still needs approval from the Financial Supervisory Commission, the buying firm said in a statement.
“We have a positive view on the outlook of the local wealth management market and intend to take better advantage of it after making Truswell a subsidiary,” Chinatrust Financial said.
The would-be unit could also serve as a platform allowing the group to make inroads into China’s asset management market, the company said.
Chinatrust Financial vowed to retain all Truswell employees and their benefits, and honor all agreements with its customers.
As of July, the 13-year-old Truswell had NT$2.49 billion in assets under management and a net worth of NT$306 million following a capital reduction.
The offer, priced at 1.52 times Truswell’s book value, fell in line with market evaluations, Chinatrust Financial said.
Chinatrust Financial shares closed up 0.56 percent to NT$17.8 yesterday, stronger than the TAIEX’s 0.27 percent fall, Taiwan Stock Exchange data showed.
Currently, Chinatrust Financial has eight subsidiaries spanning the banking, life insurance, securities brokerage, insurance agency, venture capital and lottery distribution businesses.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Artificial intelligence (AI) agents would supplant smartphones as the center of people’s digital lives, fundamentally reshaping personal devices and driving a major computing upgrade cycle, Qualcomm Inc CEO Cristiano Amon said yesterday. In his keynote speech for this year’s Computex trade show in Taipei, Amon said that the rise of "agentic AI" — AI systems capable of reasoning, planning and carrying out tasks autonomously — would transform how people interact with technology across phones, PCs, vehicles and wearable devices. Describing the technology as the next major evolution in computing, Amon said that "2026 is the year of agents.” For decades, smartphones have sat
RSS