Taipei, Sept. 7, 2012 (CENS)--First Financial Holding Co., a government-linked financial holding company in Taiwan, is planning to spend US$150 million or about NT$4.5 billion to acquire or merge overseas financial institutions in Asia, targeting initially those in Indonesia, Thailand and Malaysia.
C.N. Tsai, chairman of the company, indicated that last year First Financial completed the issuance of 800 million new shares to raise NT$16.4 billion (US$546.67 million) for capital increment and therefore has enough fund for overseas purchases.
Seeing better economic climate in Asia in the next three years, First Financial intends to further explore the financial markets in Southeast Asia and is assessing the possibility of acquiring banks in Indonesia, Thailand and Malaysia.
Currently First Commercial Bank, a banking affiliate of First Financial, has already established branches in some cities in Asia including Singapore, Tokyo of Japan, Ho Chi Minh City and Hanoi of Vietnam, and Phnom Penh City of Cambodia, in addition to the ones in Shanghai, Hong Kong and Macao.
(by Judy Li)