Deals
ICBC Seeks Sinopac Stake in China’s First Bid in Taiwan
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Industrial & Commercial Bank of China Ltd. plans to buy 20 percent of Bank Sinopac in the first mainland investment in a Taiwan lender, pushing the parent company’s share price up the most in more than three years.
Sinopac Financial Holdings Co. jumped as much as 7 percent in Taipei, the biggest gain since August 2009, and traded at NT$15 at 9:17 a.m., a gain of 4.9 percent. The sale is valued at about NT$20 billion ($670 million), the publicly traded company’s Chief Financial Officer Michael Chang said at a press conference in the island’s capital yesterday.