CTL fined over faulty beneficiary disclosure: FSC
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday fined Hong Kong-based Capital Target Ltd (CTL, 建群), a major shareholder of Jih Sun Financial Holding Co (日盛金控), NT$25 million (US$898,569) for its faulty beneficiary disclosure and ordered CTL to offload part of its stake in Jih Sun within a year.
CTL holds a 24.09 percent stake in Jih Sun and the commission would allow the company to retain a 5 percent stake, Banking Bureau Deputy Director Sherri Chuang (莊秀媛) told a videoconference, adding that its regulations require any shareholder with more than a 5 percent stake in a local financial conglomerate to reveal its beneficiaries.
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EDITORIAL: No lenience on Chinese investment
Fubon Financial Holding Co on Friday last week said it would extend its tender offer for Jih Sun Financial Holding Co by 50 days until March 23, as the company’s hostile takeover of its smaller rival has not yet gained approval from the Fair Trade Commission. The initial offer of NT$13 per share, announced on Dec. 18 last year, surprised the domestic financial sector, and was on Jan. 5 criticized by Jih Sun as too low.
Fubon’s bid has also raised questions from lawmakers and market watchers as to whether one of Jih Sun’s major shareholders has links to a Chinese investment entity, and if Fubon aims to help the rumored Chinese investor dispose of his stake in Jih Sun for cash. Government agencies, including the Financial Supervisory Commission (FSC), the Investment Commission and the Mainland Affairs Council, have reportedly launched probes into whether Chinese investors are involved.
Yuan deposits climb to highest level since 2014
By Crystal Hsu / Staff reporter
Chinese yuan deposits held by local banks last month rose 3.66 percent from one month earlier to 244.49 billion yuan (US$37.65 billion), the highest in six-and-a-half years, as Taiwanese regained interest in the currency, which has appreciated against the US dollar, the central bank said yesterday.
“The explosive increase in yuan deposits had much to do with popular expectations that the US dollar is to remain weak for quite a while,” central bank foreign exchange official Gloria Chen (陳婉寧) said, noting that the monthly changes had been small in the past two years.
Fubon Financial eyes larger market share after acquisition
12/19/2020 01:08 PM
CAN file photo
Taipei, Dec. 19 (CNA) Fubon Financial Holding Co., one of the leading financial holding companies in Taiwan, has set a goal of securing a higher share in the local securities market after completing a deal to acquire a smaller rival Jih Sun Financial Holding Co.
Jerry Harn (韓蔚廷), president of Fubon Financial, said in a news conference held Friday night, after the company announced the acquisition deal, that Jih Sun Financial owns the 59-year old Jih Sun Securities, which has 1.3 million customers and a 3.59 percent share in the local securities brokerage business, making it the seventh largest securities company in Taiwan, as of September.
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