Citigroup Inc, which has been shedding some of its retail operations as part of a global revamp, is in advanced talks with Fubon Financial Holding Co (富邦金控) for a sale of its China consumer business, people familiar with the matter said.
Taipei-based Fubon has emerged as the likeliest buyer after outbidding rivals, and the two lenders are negotiating the terms of a potential transaction, the people said, asking not to be identified as the information is private.
They are aiming to sign an agreement in the next few weeks and the assets could be valued at about US$1.5 billion, the people said.
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謝金河要台新金忘了彰銀 才會跑得更快 - 財經
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16年前的小蝦米如今長得比鯨魚大 謝金河要台新金忘了彰銀 - 財經
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Fubon net profit surges 55% on bullish stock market
By Kao Shih-ching / Staff reporter
Fubon Financial Holding Co (富邦金控) yesterday reported net profit of NT$90.85 billion (US$3.19 billion) for last year, up 55 percent from 2019 and hitting a new high, on the back of rising contributions from its subsidiaries amid a bullish stock market.
The nation’s second-largest financial conglomerate by asset said that Fubon Life Insurance Co (富邦人壽), Fubon Insurance Co (富邦產險), Fubon Securities Co (富邦證券) and Fubon Bank (China) Co Ltd (富邦華一銀行) all reported record profits for last year.
Fubon Life reported a record profit of NT$8.22 billion for last month, which boosted its full-year profit to NT$61.04 billion, up 130 percent from a year earlier, Fubon Financial said in a statement.