Fubon Financial Approved to Acquire First Sino

Fubon Financial Holding Co., Taiwan's leading private financial holding company, recently announced that the China Banking Regulatory Commission (CBRC) has approved its purchase of an 80% stake in First Sino Bank, a Sino-foreign joint venture bank headquartered in Shanghai. The acquisition is believed the first of its kind by a Taiwanese bank.

Daniel Tsai, chairman of Fubon, said that Fubon Financial and its affiliate--Taipei Fubon Commercial Bank--jointly acquired the 80% stake in First Sino for RMB6.45 billion or about NT$31.77 billion (US$1.06 billion). The acquisition took about one year to complete.

Tsai emphasized that First Sino will play an important role for Fubon in tapping the financial market in mainland China. It will also serve as a pivotal cross-strait financial service platform.

In addition to the footholds in Hong Kong and Xiamen of Fujian Province, Fubon is now extending its presence in Shanghai and further to northern China. First Sino has branches in first-tier cities located in China's south, central and north areas, including the Peal River Delta, Yangtze River Delta, and Bohai Gulf region. (JL)