A banking unit of Taiwan's Yuanta Financial Holding, Yuanta Commercial Bank, is to purchase South Korea's Hanshin Savings Bank for KRW 135.1bn ($112m), making it the first acquisition by a Taiwanese bank in the South Korean market. The deal will give Yuanta, which has been expanding its presence across Asia and Africa, access to one of Asia's biggest savings banks with assets of about $US1 trillion.
A banking unit of Taiwan's Yuanta Financial Holding, Yuanta Commercial Bank, is to purchase South Korea's Hanshin Savings Bank for KRW 135.1bn ($112m), making it the first acquisition by a Taiwanese bank in the South Korean market. This also marks the second overseas subsidiary of Yuanta Bank, with Tong Yang Savings Bank in the Philippines being acquired earlier this year; the moves are in line with Yuanta's expansion strategy.