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HK Banks may take stakes in Taiwan Banks

HK Banks may take stakes in Taiwan Banks

(Taiwan) - A senior Taiwanese Government official says the island state would welcome Hong Kong banks taking stakes in state-owned Taiwanese banks as they are privatised over the next few years. The invitation, however, will be limited to Hong Banks less than 20 percent owned by mainland Chinese interests. Taiwan regards Hong Kong banks more than 20 percent controlled from the mainland as mainland Chinese banks.

Taiwan's Ministry of Finance has unveiled a plan to privatise four leading state-owned banks by the end of 2006.

First to be sold will be the Taiwan Co-Operative Bank, followed by the Bank of Taiwan, Land Bank of Taiwan and Central Trust of China.

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