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Fubon Financial to buy remaining stake in Fubon Bank (China) for 2.13B yuan

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Fubon Financial to buy remaining stake in Fubon Bank (China) for 2.13B yuan

Fubon FinancialHolding Co. Ltd. is acquiring ShanghaiPudong Development Bank Co. Ltd.'s 20% stake in Fubon Bank (China) Co. Ltd. for 2.13 billion yuan (US$327.1million).

In a May 10 statement, the Taiwanese firm said it obtained confirmationfrom the Shanghai United Assets and Equity Exchange to be qualified as an acquirerof the stake in Fubon Bank (China). The deal will bring the company's stake in FubonBank (China) to 100%.

The deal is subject to approval of the China Banking RegulatoryCommission.

As of May 10, US$1 wasequivalent to 6.52 Chinese yuan.