Manulife to buy Taiwan's Fuhwa Securities.
Global Banking News - 20 August 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Canada-based financial services company Manulife (NYSE: MFC) is to buy Taiwan-based Fuhwa Securities.
It is believed that the acquisition would bring around USD1.3bn in additional AUM to Manulife, strengthen its wealth management platform and diversify its product distribution. The deal is subject to regulatory approval and is expected to close in the fourth quarter of 2008.
The sale involves 30 million shares at a unit price of TWD31 per share as base price, totalling TWD930m.
Robert Cook, senior executive vice president and general manager of Manulife's Asia division, said, 'Fuhwa brings a strong team of equity and fixed income specialists that have a proven track record in discretionary asset management and retail funds management. This acquisition fits well with our ambitions to become a pre-eminent provider of wealth management solutions to the Taiwanese public.'
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