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.
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