China Citic Bank says to buy 3.8 pct of Taiwanese peer CTBC

May 27, 2015 12:54 AM

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HONG KONG May 27 In the first case of a Chinese bank investing in a Taiwanese peer, China Citic Bank Corp said it will own 3.8 percent of CTBC Financial Holding Company Ltd after buying shares worth 2.35 billion yuan ($379.28 million) in a private placement.

Citic Bank will also sell a bank unit to CTBC. The share exchange will boost the companies' competitiveness in mainland China and Taiwan, the bank said on Tuesday evening in a statement.

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