FSC ap­proves CTBC’s bid to buy China CITIC af­fil­i­ate

The China Post - - LOCAL - BY ENRU LIN

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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