Taiwan-based KGI Bank Co. Ltd. invested in a consumer finance joint venture in China with parties including Chinese lender Bank of Jiangsu Co. Ltd.
The China Development Financial Holding Corp. unit will invest 200.4 million Chinese yuan in JiangSu Suyin KGI Consumer Finance Co. Ltd. The new company has a total registered capital of 600 million yuan.
The Taiwanese bank will leverage this investment to gain entry into the consumer finance market in China.
As of March 21, US$1 was equivalent to 6.70 Chinese yuan.