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Fubon Bank (Hong Kong) transfers Xiamen Bank stake to parent

Fubon Bank (Hong Kong) Ltd.'s board approved a proposed transfer of its shareholding in Xiamen Bank Co. Ltd. to parent Taiwan-based Fubon Financial Holding Co. Ltd.

Consideration for the transaction will be equal to the net carrying amount of investment in China-based Xiamen Bank in Fubon Bank (Hong Kong)'s latest financial statements, according to an Aug. 15 filing.

The sale and purchase agreement for the transaction was signed Aug. 15.

Fubon Bank (Hong Kong) holds a 15.78% stake in Xiamen Bank, as of 2017-end.