Cathay Financial Holding Co (國泰金控), Taiwan's biggest financial company, expects to reach agreement with rival Fubon Financial Holding Co (富邦金控) on bidding for the nation's tenth-largest lender by year-end, its chairman said.
Cathay is vying with Fubon, Taiwan's second-biggest financial company, for control of the state-backed United World Chinese Commercial Bank (世華銀行). Cathay currently owns 12.3 percent of United World, while Fubon owns 13 percent.
"Rivalry between us does no good, but will hurt all three parties' interests as we are both substantial shareholders in United World," said Cathay Chairman Tsai Hong-tu (蔡宏圖). "We will discuss with other United World shareholders once talks with Fubon have been concluded."
Cathay hired J.P. Morgan Chase & Co as its financial adviser and has completed due diligence on United World, said Cathay spokesman Lee Chang-ken (李長庚).
The government, which holds a 27 percent interest in United World, hasn't said if it will let either Cathay or Fubon raise their stakes.
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