The Financial Supervisory Commission (FSC) denies receiving an application regarding the sale of a 3.8% stake in CTBC Financial to CITIC Bank, nor discussing the matter with its Chinese counterpart. The FSC's denial follows concerns raised by the Economic Democracy Union, who pointed out that the deal, if approved, might allow a Chinese entity to gain a board seat on a Chinaese financial company, thereby giving them access to China's Joint Credit Information Centre, which holds sensitive information on individual and corporate finances.
The Financial Supervisory Commission (FSC) denies receiving an application regarding the sale of a 3.8% stake in CTBC Financial to CITIC Bank, nor discussing the matter with its Chinese counterpart. The FSC's denial follows concerns raised by the Economic Democracy Union, who pointed out that the deal, if approved, might allow a Chinese entity to gain a board seat on a Taiwanese financial company, thereby giving them access to Taiwan's Joint Credit Information Centre, which holds sensitive information on individual and corporate finances.