One of Taiwan's largest commercial conglomerates is seeking foreign participants in its plan to set up a financial holding company, local media reported yesterday.
The Linyuan Group (霖園集團) -- with a vast array of business interests from banking and insurance to construction -- hopes courting foreign financial institutions to join the planned alliance will help bolster its competitiveness in the domestic financial market.
According to Tsai Hung-tu (蔡宏圖), chairman of Cathay Life Insurance Co Ltd (國泰人壽), after Linyuan sets up the financial holding company, a portion of its shares will be release to international groups with strong banking services. Tsai hopes to hook-up with a European or American investment partner by the end of this year.
Tsai indicated that an ideal set-up would be patterned along the lines of the strategic alliance cemented between Citigroup and Taiwan's Fubon Group. Linyuan has retained investment banks and securities firms to help search for suitable partners.
Tsai said that Linyuan may also consider having its life insurance subsidiary, Cathay Life, choose a domestic bank to act as a partner in the establishment of a financial holding company.
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