Taiwan’s CTBC Financial Deal with China CITIC Bank Collapses

[kreslik.news]

CTBC Financial Holdings, the parent company of Taiwan’s leading credit card issuer, and Chinese state-backed lender, China CITIC Bank Corp, have reportedly cancelled investments in each other amid renewed political tensions, Finance Magnates has learned today.

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As reported in Reuters, this is the first deal collapse since pro-independence Democratic Progressive Party leader Tsai Ing-wen became president of Taiwan earlier this year.

However, China CITIC Bank’s president said there was no political aspect related to the decision because as a commercial bank, “we can’t play ... (read more)