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Chinatrust denies Goldman, Fubon may purchase stakes

Chinatrust denies Goldman, Fubon may purchase stakes

Goldman Sachs Group Inc. and Fubon Financial Holding Co. are not in talks to buy stakes in Chinatrust Financial Holding Co., a Chinatrust executive said yesterday, denying a media report.
"Again it's newspaper speculation," Jason Wang, Chinatrust executive vice president, said in a telephone interview. "There is no such thing, absolutely." The Taipei-based Economic Daily News reported Goldman may ally with Fubon to buy part of Chinatrust, without citing anyone.
Fubon also denied the report. "There is no such thing, and Goldman didn't approach Fubon," Fubon President Victor Kung said in a phone interview. He said Fubon had bought some financial shares because of the improving profit outlook for banks. Kung didn't name the stocks Fubon has purchased.
Chinatrust Chairman Jeffrey Koo Sr. and his family is the largest single shareholder in Taipei-based Chinatrust, Taiwan's fourth-biggest financial company, according to its 2005 annual report. They hold 8.6 percent, worth NT$18.6 billion (US$569 million) based on the company's current share price.
This is the third time in two weeks a Taiwanese newspaper has linked Goldman Sachs to Chinatrust. Wang said December 12 that Chinatrust isn't in talks with private equity funds including Goldman Sachs to sell control of the company. On December 18 he denied again that Goldman was in discussions to buy a stake.
Fubon, based in Taipei, is Taiwan's third-largest financial services company by market value.


Updated : 2021-03-07 14:15 GMT+08:00