StanChart to buy Taiwanese bank for $1.2 billion
Following the success of its Korea First Bank acquisition, Standard Chartered makes a play for Hsinchu International Bank in Taiwan.
Standard Chartered has announced a plan to buy 100% of Hsinchu International Bank in an effort to grow its Taiwanese business. The deal, which has been supported by HsinchuÆs controlling shareholders and the Taiwanese regulators, marks the first time that a foreign bank will gain control of a Taiwanese bank.
Standard Chartered's general offer values Hsinchu at $1.2 billion, which equates to 2.3 times book value. This represented a 31% premium to HsinchuÆs closing price of NT$18.65 on September...
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