Private equity firms flex financial services muscle
SAC and GE acquire control of Cosmos Bank in Taiwan for $900 million, while in Korea, Woori buys MBK's majority holding in Hanmi Capital for $289 million.
Asia's financial services sector continues to consolidate, driven by private equity firms buying and selling assets.
On August 31, the financial regulator in Taiwan announced that loss-making Cosmos Bank will be sold to hedge fund, SAC Private Capital Group, and General Electric for $900 million.
The investors will subscribe to new shares at NT$2 $.06 per share. The price, which represents more than a 60% discount to the recent traded price, disappointed shareholders and sent Cosmos shares down by...
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