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Mega Financial reduces stake in Taiwan Business Bank to 7.2%

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Mega Financial reduces stake in Taiwan Business Bank to 7.2%

Taiwan-based Mega Financial Holding Co. Ltd. has reduced its stake in Taiwan Business Bank Co. Ltd. to 7.2% as of the end of April, down from 12.01% as of 2017-end, the island's Central News Agency reported June 4, citing Huang Bor-Yi, chairman of Taiwan Business Bank.

Huang added that the reduction is part of a reshuffle among its top 10 shareholders, and that the foreign shareholding ratio of the bank rose to a record high of 22.4%.

Mega Financial is expected to continue to reduce its shareholding of Taiwan Business Bank in May, according to Huang. The company has said that it is on schedule to shed its entire 12.01% stake in Taiwan Business Bank by the end of August, according to a May Commercial Times report.

Meanwhile, Taiwan Business Bank is looking to invest NT$700 million to NT$800 million to upgrade its IT system this year. The bank will also conduct a review of its branch network.

As of June 4, US$1 was equivalent to NT$29.79.