Cathay Financial expands into Indonesia

Taiwan’s Cathay Financial Holding is buying a 40% stake in Indonesia’s Bank Mayapada for $278 million after buying 20% of Rizal in the Philippines.

Cathay Financial expands into Indonesia
Taipei's financial institutions head out of town

Cathay Financial Holding has agreed to buy a 40% stake in Indonesia's Bank Mayapada for IDR3.52 trillion $278 million, the Taiwanese banking group said on Monday, furthering its expansion across the Asean bloc.

The deal is part of a growing trend as Taiwanese banks spread their wings to China, Japan, Southeast Asia and even Australia after a long period of steady but paltry domestic growth.

It also dovetails with...

To continue reading, please login or register for free

Click for more on: cathay financial | fig | acquisitions | indonesia | taiwan | banks

Print Edition

FinanceAsia Print Edition

CONFERENCES