Fitch Ratings plans to withdraw its ratings on Taiwan-based KGI Bank Co. Ltd. for commercial reasons.

The ratings will be withdrawn on or about Nov. 5, according to an Oct. 5 statement.

Fitch currently has BBB and F3 long- and short-term issuer default ratings on the lender, respectively, with a stable outlook.

The rating agency's last ratings action on KGI Bank came in December 2017, when Fitch affirmed the bank's ratings and removed its issuer default ratings, national ratings and viability rating from Rating Watch Negative. Fitch also removed the bank's support rating and support rating floor from Rating Watch Evolving.

Fitch placed some of the bank's ratings on Rating Watch Negative in July 2017 after its parent China Development Financial Holding Corp. announced plans to acquire a stake in China Life Insurance Co. Ltd.