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Taiwan's Waterland Financial plans to buy local bank for $258 mln
June 8, 2015 / 8:33 AM / 2 years ago

Taiwan's Waterland Financial plans to buy local bank for $258 mln

TAIPEI, June 8 (Reuters) - Waterland Financial Holdings , a mid-sized financial holding firm, said on Monday it plans to buy an 80 percent stake in COTA Commercial Bank for T$8 billion ($258 million) via cash, in the latest acquisition in Taiwan’s fragmented financial market.

The planned purchase of COTA Bank would bring in banking business for Waterland, in addition to its own bills financing and brokerage businesses, it said in a statement.

Taiwan’s financial regulator has approved the planned deal, in which Waterland will buy the shares from June to early August, it said.

Taiwan’s banking industry has generated the lowest return on equity (ROE) in Asia for years, partly because of stiff competition. (Reporting by Faith Hung; Editing by Sunil Nair)

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