Polaris Securities Co's (寶來證券) fund-management unit, Polaris Securities Investment Trust Co (寶來證券投信), is in merger talks with local and foreign financial-services companies seeking to expand market share in Taiwan and use the experience to enter China, Asia's second-biggest capital market.
Polaris Investment and Prudential Plc, Britain's second-biggest insurer, wouldn't confirm a Chinese-language newspaper report that Prudential may buy the unit of Taiwan's biggest Web broker for as much as NT$1.6 billion (US$47 million).
"We're talking to lots of companies about combining," said Tina Tso, president of Polaris Investment, which manages about NT$42 billion in funds. "We haven't made any decisions yet."
Taiwan's financial companies are merging in anticipation of increased competition from larger foreign rivals after the nation's entry to the WTO, due Jan. 1 next year.
Foreign companies see Taiwan as a useful training ground before they move into China, investors said.
China's securities regulator is considering a grading system for foreign institutional investors who want to invest in Chinese stocks, similar to a framework Taiwan used from the early 1990s to open its market.
"Taiwan is step one for the foreign companies to become familiar with the local regulations," said Gary Tsai, who helps manage NT$3.6 billion in stocks at ING CHB Securities & Investment Trust Ltd. "Step two is China."
Foreign financial companies that have invested in Taiwan include HSBC Holdings Plc, which bought China Securities Investment Trust Corp (
Taiwan will decide on allowing local securities companies to set up branches in China after a Ministry of Finance study due for completion within a month.
Prudential, which last year purchased Taiwan's Core Pacific Securities Investment Trust Co (京華投信), is offering NT$40 to NT$50 per share for 90 percent of Polaris Investment, which has 36 million outstanding shares, the paper said.
Taiwan's Fubon Group and Lin-Yuan Group (
"Prudential Group is interested in a bigger scope in the region, not only Taiwan," said Jim Chang, a vice president at Prudential Securities Investment Trust Co. He declined comment on the newspaper report.
Polaris Securities stock has risen 29 percent in the past year, compared with a 17 percent fall in the key TAIEX.
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