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Taiwan's Cathay moves on takeover target

Taiwan’s Cathay moves on takeover target

(Taiwan) - Cathay Financial Holdings has paid US$448 million for a 14.8 percent stake in United World Chinese Commercial Bank (UWCCB), and now looks set to complete the US$3.4 billion takeover of its target. Cathay, Taiwan's largest financial group, bought the UWCCB stake previously held by rival Fubon Financial Holding.

Cathay and Fubon have both been competing for UWCCB, but Fubon changed strategy and instead paid US$2.4 billion for another bank, Taipeibank.

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