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.
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