Taiwanese banks

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.
Taipei's financial institutions head out of town
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 a growing reform effort in Indonesia, where regulators are pressuring bank-owning families to pare their holdings, to make the country's banking system more resilient in times of stress and to improve corporate governance.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222