Sinopac Fin eyes stake in Bank Int'l Ningbo -paper
TAIPEI Dec 7 (Reuters) - Taiwan's Sinopac Financial Holdings (2890.TW) has targeted Bank International Ningbo in China as one of its first potential partners to expand its business on the mainland, a local newspaper said on Monday.
Sinopac expects to take a 51 percent stake in Bank International Ningbo, which has operations in Ningbo, Shanghai and Beijing, the Chinese-language Commercial Times said, without citing sources.
Sinopac could spend about T$6 billion ($186 million) for the stake in Bank International Ningbo, founded by Eka Tjipta Widjaja, also the founder of Indonesian conglomerate Sinar Mas Group, the paper said.
Sinopac officials declined to confirm the talk, the paper said.
Taiwanese companies are beefing up their presence in China amid improving relations between the former political rivals.
China's ICBC (1398.HK) is in talks to buy a stake in Taiwan's Cathay Financial (2882.TW), sources told Reuters last week, in a potential $3.4 billion deal that would be the first direct investment by China into a Taiwan financial company. [nHKG137367]
(US$1=T$32.2)
(Reporting by Baker Li, Editing by Jonathan Hopfner)
((baker.li@thomsonreuters.com; +886 2 2508-0815; Reuters messaging: baker.li.reuters.com@reuters.net))
((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: SINOPAC/CHINA
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