E.Sun Financial Holding Co (玉山金控) yesterday said its board of directors approved plans to purchase the remaining 25 percent stake in Cambodia-based Union Commercial Bank PLC (UCB) for US$39.93 million.
The deal would effectively make UCB a wholly owned subsidiary of E.Sun Financial, which has accumulated a 75 percent stake in the bank since 2013, pending approval by regulators in Taiwan and Cambodia.
E.Sun purchased a 70 percent stake in UCB in March 2013 for US$69.33 million.
Photo: CNA
“As of the end of April, UCB’s total assets have grown to US$640 million, while its deposits, credit cards and small-to-medium sized enterprise lending businesses have maintained steady earnings growth,” E.Sun president Joseph Huang (黃男州) said in a briefing at the Taiwan Stock Exchange.
Since 2013, UCB has maintained rapid growth, with deposits, lending and the number of branches increasing two-fold, E.Sun Financial said in a statement.
The company now has 11 branches in Cambodia, eight of which are in Phnom Penh, Huang said, while announcing plans to open two more branches in Phnom Penh.
“The acquisition will secure our position in Southeast Asian markets and tap into rapid economic growth in Cambodia and adjacent regions,” Huang said.
The company also plans to establish a branch in Yangon, Myanmar, Huang said, adding that E.Sun opened branches in China and Australia this year.
In the first five months of this year, E.Sun reported aggregate income rose 10.95 percent annually from NT$5.57 billion to NT$6.18 billion (US$172.2 million to US$191 million) in the same period last year, company data showed.
SEEKING CLARITY: Washington should not adopt measures that create uncertainties for ‘existing semiconductor investments,’ TSMC said referring to its US$165 billion in the US Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) told the US that any future tariffs on Taiwanese semiconductors could reduce demand for chips and derail its pledge to increase its investment in Arizona. “New import restrictions could jeopardize current US leadership in the competitive technology industry and create uncertainties for many committed semiconductor capital projects in the US, including TSMC Arizona’s significant investment plan in Phoenix,” the chipmaker wrote in a letter to the US Department of Commerce. TSMC issued the warning in response to a solicitation for comments by the department on a possible tariff on semiconductor imports by US President Donald Trump’s
‘FAILED EXPORT CONTROLS’: Jensen Huang said that Washington should maximize the speed of AI diffusion, because not doing so would give competitors an advantage Nvidia Corp cofounder and chief executive officer Jensen Huang (黃仁勳) yesterday criticized the US government’s restrictions on exports of artificial intelligence (AI) chips to China, saying that the policy was a failure and would only spur China to accelerate AI development. The export controls gave China the spirit, motivation and government support to accelerate AI development, Huang told reporters at the Computex trade show in Taipei. The competition in China is already intense, given its strong software capabilities, extensive technology ecosystems and work efficiency, he said. “All in all, the export controls were a failure. The facts would suggest it,” he said. “The US
The government has launched a three-pronged strategy to attract local and international talent, aiming to position Taiwan as a new global hub following Nvidia Corp’s announcement that it has chosen Taipei as the site of its Taiwan headquarters. Nvidia cofounder and CEO Jensen Huang (黃仁勳) on Monday last week announced during his keynote speech at the Computex trade show in Taipei that the Nvidia Constellation, the company’s planned Taiwan headquarters, would be located in the Beitou-Shilin Technology Park (北投士林科技園區) in Taipei. Huang’s decision to establish a base in Taiwan is “primarily due to Taiwan’s talent pool and its strength in the semiconductor
French President Emmanuel Macron has expressed gratitude to Hon Hai Precision Industry Co (鴻海精密) for its plan to invest approximately 250 million euros (US$278 million) in a joint venture in France focused on the semiconductor and space industries. On his official X account on Tuesday, Macron thanked Hon Hai, also known globally as Foxconn Technology Group (富士康科技集團), for its investment projects announced at Choose France, a flagship economic summit held on Monday to attract foreign investment. In the post, Macron included a GIF displaying the national flag of the Republic of China (Taiwan), as he did for other foreign investors, including China-based
RSS