TAIPEI: China's Industrial and Commercial Bank of China (ICBC) and Sinopac Financial Holdings are optimistic about closing their T$20 billion ($600 million) deal which has been delayed by a stalled bill in Taiwan's parliament, according to a source with direct knowledge of the matter.
ICBC, among the mainland's four biggest banks, agreed in 2013 to buy a 20 percent stake of Sinopac's banking arm but the companies have been forced to renew their contract as Taiwan's legislature mulls a planned trade pact that would open the way for such cross-strait deals.
"We both are optimistic this deal will be closed. Our contract has been renewed a couple of times, an indication both sides really want this deal done," said the source, requesting anonymity due to the sensitive nature of the matter.
An ICBC official in Beijing and a Sinopac executive declined to comment.
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