Yuanta Financial Holding Co (元大金控) yesterday announced that it is to acquire Seoul-based Hanshin Savings Bank (HS Bank) with NT$3.65 billion (US$111 billion) in cash, making the planned purchase its second overseas expansion in Asia this year.
“The planned acquisition is intended to secure a foothold and tap further into the South Korean market where we have identified growth potential,” Yuanta Commercial Bank (元大銀行) executive vice president Chang Tsai-yu (張財育) said at a Taiwan Stock Exchange briefing.
The deal is a vital step in the company’s business strategy that has focused on generating profits from its banking and securities brokerage in Taiwan and overseas markets.
As of the end of March, HS Bank’s total assets were equivalent to NT$9.22 billion, with a net asset value of NT$4.73 billion and paid-in capital of NT$1.83 billion, the company said.
Founded in 1998, HS Bank has a main office and 2 branches in Seoul, with deposits and a loan portfolio estimated at NT$4.35 billion and NT$1.42 billion respectively, Yuanta Financial said.
Yuanta’s securities brokerage arm currently controls a 52.71 percent stake in South Korea’s Tongyang Securities.
In February, the Philippine central bank approved Yuanta Commercial Bank’s plan to acquire Philippines-based Tong Yang Savings Bank, a lending subsidiary of the South Korean company.
“The acquisition is also aimed at integrating resources and servicing Taiwanese businesses operating in South Korea,” Chang said.
Bilateral trade ties and investments have grown in recent years, Chang said. Taiwanese investments in South Korea expanded to US$780 million and South Korean investments in Taiwan exceeded US$1 billion last year, he said.
Yuanta Financial yesterday updated its terms for a cash-and-share swap scheme to acquire Ta Chong Bank (TC Bank, 大眾銀行).
The securities brokerage-centric conglomerate is to pay NT$8.15 per share in cash and 0.460972 share of new Yuanta Financial common shares in exchange for each Ta Chong share.
Holders of TC Bank’s convertible preferred shares issued in previous private placements are to receive 0.531249975 shares of Yuanta Financial preferred shares which are tentatively priced at NT$40 per share, Yuanta said.
Yuanta is also to purchase US$350 million worth of bonds issued by TC Bank that are currently held by Netherlands-based Cooperatieve Meadowstream Investment WA for NT$14.49 billion.
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