Fubon Securities Co Ltd, a wholly owned unit of Taiwan-based Fubon Financial Holding Co Ltd, will ink an investment agreement with a mainland securities firm and seek regulatory approval after the Mainland and Taiwan authorities sign a Memorandum of Understanding (MOU) on the supervision, sources cited Daniel Tsai, chairman of Fubon Financial, as saying.
Mr Tsai didn't reveal the name of the mainland counterpart as well as the financial details of the possible deal. However, he noted that such investment would allow the Taiwanese firm to take up to 30% in its mainland counterpart, along with the license for underwriting business.
Fubon Financial is expected to conclude the deal with Xiamen Commercial Bank for almost 20% stake in the latter after the Beijing Olympic Games, added Mr Tsai.
Besides the securities arm, Fubon Financial has other subsidiaries engaged in asset management, banking, investment consulting, life insurance and futures trading sectors.
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