CTBC buys RBS Malaysia

TAIPEI (Taiwan News) – CTBC Financial Holding Co., Ltd. announced Friday it had bought a stake of 100 percent in the Malaysian operations of the Royal Bank of Scotland for NT$6.1 billion (US$188.6 million).
The move signified the first time that a Taiwanese financial group would obtain the possibility of running a bank in the Southeast Asian country, media reports said.
CTBC, once known as Chinatrust, would have its affiliates CTBC Bank Co., Ltd. and Taiwan Life Insurance Co. own 51 percent and 49 percent respectively in The Royal Bank of Scotland Berhad, also known as RBS Malaysia.
As a result of the acquisition, CTBC would own a fully valid license to operate banks in Malaysia through two branches, in the capital Kuala Lumpur and in Penang, both hotspots of activities for Taiwanese investors in the country, reports said.
CTBC was founded by the late Jeffrey Koo, Sr., a member of one of Taiwan’s most influential business families.
RBS once also had a short-lived presence in Taiwan, having taken over the local operations of the Netherlands’ ABN-AMRO Bank before withdrawing again in the wake of the Euro crisis. Its Taiwanese operations were taken over by ANZ, the Australia and New Zealand Banking Group.