FSC approves CTBC’s bid to buy China CITIC affiliate
The Financial Supervisory Commission (FSC, ) said Tuesday that it has approved CTBC Bank’s ( ) application to buy a 100-percent stake in China CITIC Bank International (China) Ltd. ( ) for NT$11.67 billion.
China CITIC Bank International (China) Ltd, an affiliate of China CITIC Bank, is headquartered in Shenzhen and has branches in Shanghai and Beijing.
Once the transaction is complete, CTBC Bank will be the fifth Taiwan bank to establish subsidiaries in mainland China, after Bank SinoPac ( Commercial Bank ( thay United Bank ( E. Sun Commercial Bank ), according to the FSC. CTBC Bank currently has 93 foreign bank branches and subbranches, five subsidiaries and four representative offices.
In mainland China, CTBC Bank has branches in Shanghai and Guangzhou and a sub-branch in Shanghai’s “free-trade” zone.
The Taiwan bank’s plan to build a branch in Xiamen met regulatory approval on June 5, said Jean Chiu ( ), deputy director- general the FSC’s banking bureau ( ).
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