China Trust Enters Into Insurance with Deal
The acquisition will be positive for China Trust in the longer term, because it can leverage its strong banking network in the insurance,” said Chen Tungli, a fund manager at Schroders in Taiwan. However, an effective synergy would not arrive until at least three years later. China Trust, Taiwan top credit card issuer, said yesterday that the deal would pay from its own resources and retain all the unit staff. The deal still needs approval that could delay progress.
The sale would mark the last exit of a foreign company from Taiwan to the U.S. $ 52,000,000,000 in insurance from American International Group closed a deal in January to her unit to sell Nan Shan. A previous attempt by U.S. $ 112,000,000 Metlife to sell its Taiwan unit is blocked in October by regulators concerned about the financial structure of the would-be purchaser Waterland Financial. A while ago, we realized the business would be much better if the property is a financial holding company. MetLife Taiwan unit has about 600 employees and some 307,000 policyholders, making it a market share of less than 1 percent. For China Trust, the deal marks the end of a long search for an insurance device to add to her stable, a quest that had something of a personal quest to President Daniel Wu. It was twice defeated in bids for the AIG unit.