Industrial and Commercial Bank of China ICBC has entered into a share subscription agreement with SinoPac Financial Holdings in an historic move that signals closer cross-border financial ties between mainland China and Taiwan.
ICBC, the world’s biggest bank by market value, has agreed to subscribe for new shares in either the SinoPac holding company or bank subsidiary, and will result in ICBC owning a 20% stake in one of them. The arrangement is in accordance with the new regulations in Taiwan, according to a statement released to the Hong Kong stock exchange on April 2.
Taiwan’s Financial Supervisory Commission FSC said a day earlier...
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