-First Financial seeks to acquire small lender in Indonesia or Thailand.
Global Banking News - 28 September 2011
First Financial Holding Company (2892.TW), in which Taiwan's Ministry of Finance is the largest single shareholder with a 14.9 percent stake, is planning to expand its presence in Southeast Asia by acquiring a small local bank in either Indonesia or Thailand, Dow Jones has reported, citing an executive with the company.
Lin Hann-chyi, the executive vice-president of the company's banking unit, said that First Financial has allocated nearly TWD15bn (USD500m) for the expansion. He said that First Financial has targeted several firms for the possible acquisition, but declined to name them.
First Financial operates a representative office in Thailand, and also has operations in Vietnam and Cambodia. The company, which already operates a branch in Shanghai, is also planning to open its second China branch in Chengdu, Sichuan province, as well as a subsidiary in China, Hann-chyi said.
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