Taiwan bank acquires subsidiary of Netherlands' ING in US$600 million deal
Taipei Fubon Financial Holding Co. has announced a US$600 million deal to buy the Taiwanese subsidiary of Netherlands' ING Groep NV, the Associated Press reported.
Fubon Chairman Daniel Tsai said Monday the Taiwanese ING Life Insurance will merge with Fubon Life Insurance to become Taiwan's second largest insurance firm with assets totaling 1 trillion New Taiwan dollars (US$30.5 billion).
He said with the acquisition, the ING group will acquire 5 percent of Fubon Holdings' newly issued shares and an unspecified amount of cash, which it will use to buy Fubon's bonds.
He said Fubon decided to buy the ING subsidiary because of its sound liquidity.