Taiwanese Bank Hua Nan Seeks Stake in Fujian Haixia
January 04, 2012
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Hua Nan Financial, one of Taiwan’s major state-run banks, is seeking a 20 percent stake of China’s Fujian Haixia Bank in a deal worth about 10 billion Taiwan dollars ($333 million), said a company source with direct knowledge of the matter on Tuesday.
The deal, if materialized, would be the first direct banking investment between Taiwan and China, which have been political foes for six decades.
“Fujian Haixia Bank would offer advantages for us geographically,” said the source, who asked for anonymity due to the sensitivity of the matter. “Their president visited us last year, and we had signed an MOU.”
Hua Nan will do a final due diligence on the Chinese bank, said the source, and hopes to close the deal by June.
Reuters
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