China's ICBC, Taiwan's Sinopac optimistic about closing $600 mln deal-source

June 12, 2015 6:36 AM

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TAIPEI, June 12 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.

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