NEWSPublished: 05 Apr 10
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Sumitomo Mitsui targets buying stake in ChinatrustChinatrust aims to use Sumitomo’s $85mln investment for its expansion in the mainland. Japan's Sumitomo Mitsui Banking Corp plans to invest in Chinatrust Financial Holding Co., Taiwan's biggest private-sector banking group, the Nikkei business daily reported. SMBC is expected to invest 7-8 billion yen (about $75 million to $85 million) in Chinatrust, for a stake of slightly more than 1 percent, the paper said without citing sources. The Sumitomo Mitsui Financial Group Inc, a unit of SMBC, is reportedly in advanced talks with Chinatrust and the two banks are expected to reach a basic agreement sometime in April, the report said. View the full story in Reuters. Do you know more about this story? Contact us anonymously through this link. Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us. |