FSC approves CTBC’s bid to buy China CITIC affiliate

By Enru Lin ,The China Post

TAIPEI, Taiwan — The Financial Supervisory Commission (FSC, 金管會) said Tuesday that it has approved CTBC Bank’s (中國信託) application to buy a 100-percent stake in China CITIC Bank International (China) Ltd. (中信銀行國際中國) 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 (永豐銀行), Fubon Commercial Bank (富邦銀行), Cathay United Bank (國泰世華) and E. Sun Commercial Bank (玉山銀行), according to the FSC. CTBC Bank currently has 93 foreign bank branches and sub-branches, 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 (邱淑貞), deputy director-general of the FSC’s banking bureau (銀行局).