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Yuanta Commercial Bank closes acquisition of South Korean bank

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Yuanta Commercial Bank closes acquisition of South Korean bank

Taiwan's Yuanta Commercial Bank Co. Ltd. completed the of South Korea'sHanShin Savings Bank for 143.43 billion South Korean won (US$124.9 million).  

The bank completed the acquisition April 25 after bothparties jointly reassessed the value of the assets as part of the agreement.The deal price is slightly different from what was announced in January due tothe reassessment.

With the closing of the deal, Yuanta Commercial BankPresident Tsai-Yu Chang was appointed chairman of HanShin Savings Bank. Eun KyuLim, the former chairman, will continue as CEO and director of HanShin SavingsBank. Tsai-Yu Chang will also serve as director of the bank.

The appointments are effective April 25.

Yuanta Commercial Bank is a subsidiary of

As of April 26, US$1was equivalent to 1,148.00 South Korean won.