TAIPEI, Taiwan — CTBC Financial Holding Co. has announced that its subsidiary CTBC Bank has completed its purchase of a 35.6 percent stake in Thailand's LH Financial Group Public Co. Ltd. (LHFG).
▲圖／翻攝自中國郵報
The purchase, first announced in March, marked the first investment in a Thai financial institute by a Taiwanese bank. LHFG has invited 500 Thai business and political leaders as well as local Taiwanese business owners to a ceremony in Bangkok on Friday to celebrate the deal.
The strategic alliance will combine CTBC Financial Holding's experience in personal and institutional finance with the nearly 100 branches of LHFG's LH Bank to provide innovative and diverse financial services to local retail customers as well as Taiwanese and foreign businesses.
CTBC Bank Chairman Tung Chao-chin (童兆勤) said M&As and investment had always been a key part of the bank's growth strategy. The bank has set up 108 service points overseas including independent banks in the Philippines and Indonesia, branches in Singapore and Vietnam plus overseas offices in Myanmar and Malaysia.
Tung said he was optimistic regarding Thailand's financial market and that he hoped the deal would speed up the bank's international financial business.
Subsidiaries of LHFG includes LH Securities, LH Fund Management and LH Bank, which is the 13th-largest bank in Thailand. It has 133 branches countrywide, most of which are in the greater Bangkok area, and has business cooperation with Thailand's top 100 businesses.
CTBC Financial Holding announced the US$469 million deal on March 29. Taiwan's Financial Supervisory Commission (金管會) said at the time that it was happy to see CTBC reaching out overseas.
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