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CDIB in Taiwan to ally with China Development Bank.

Taipei, September 24, 2009 (CENS) -- China Development Industrial Bank (CDIB), Taiwan's largest industrial bank, will invite China-based China Development Bank (CDB) to be its strategic shareholder once the Cross-strait financial market and policies are deregulated.

CDIB, an arm of the China Development Financial Holdings Co. (CDFHC), noted it plans to set up branches in China once the Cross-strait MOU (memorandum of understanding) for the financial sector is inked. Besides, it would seek opportunities to acquire shares of certain China-based commercial banks and investment companies there.

CDFHC senior vice president T.C. Tseng noted his company will complete merger with a China-based commercial bank in two years, doubling its loan assets to over NT$300 billion (US$9.23 billion at US$1:NT$32.5). Tseng said the CDFHC currently owns many overseas venture-capital firms which will make direct investments in China.

To set up an operating platform in the greater China region, CDIB will open a branch in Hong Kong by the end of this year. The prospective Hong Kong branch will engage in such operations as direct investment, underwriting, lending, and corporate wealth management.

CDFHC scored NT$1 billion (US$30.76 million) in loan earnings in the third quarter of this year, claiming it is enjoying substantial growth in earnings from long-term investments, hence capable of distributing dividends to shareholders by 2010.

((BS)) (GE)

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Title Annotation:China Development Industrial Bank
Publication:The Taiwan Economic News
Geographic Code:9CHIN
Date:Sep 24, 2009
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