Landmark Taiwan Bid Sparks Hope of More Financial Deals to Come
- Fubon Financial plans first acquisition of smaller rival
- Deal may kickstart stalled efforts to consolidate industry
A Fubon Financial Holding Co. bank branch in Taipei.
Photographer: Lam Yik Fei/Bloomberg
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Taiwan’s stalled efforts to consolidate its splintered banking industry received renewed impetus as one of the island’s biggest financial groups announced a milestone bid to buy a smaller rival.
Fubon Financial Holding Co. plans to acquire a controlling stake in Jih Sun Financial Holdings Co. in a tender offer that could be worth as much as NT$49 billion ($1.7 billion), Fubon said in a statement Friday.