Taiwan ITCs look open to sale

But are the valuations still worthwhile?

Fund managers and analysts in Taiwan speculate that several prominent investment trust companies are being purposefully left out of financial holding companies as a lure to potential foreign acquirers. Financial holding companies become legal in Taiwan as of 1 November.

Capital Securities Investment Trust is to be excluded from a new financial holding company being formed by China Securities and Cathay Life, while National Investment Trust is likewise in the cold from the financial holding company being arranged following Bank Sinopac's acquisition of National Securities.

These moves strike observers as curious. The point of a holding company is to amalgamate all the key financial services, such as banking, brokering, insurance and asset management. Both Capital...

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