Taiwan’s CTBC Financial Deal with China CITIC Bank Collapses
Posted: Thu Aug 25, 2016 9:05 am
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.
Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here!
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)