ABN Amro takes over 32 branches in Taiwan after government auction
Published June 8th, 2007
ABN Amro Holding NV (ABN : 47.01, -0.27, -0.6% ) said Friday it will take over 32 branches of failed Taiwanese lender Taitung Business Bank after winning a government auction.
The deal will increase the number of the Dutch bank’s branches in Taiwan to 37 from five and will strengthen its presence in Taiwan’s banking market for wealthy individuals and small-to-medium-sized corporations, ABN Amro said in a statement.
“In addition to our strong corporate and institutional banking franchise, we have been working very hard to build a strong business looking after clients in affluent middle-market and SME segments,” Jeroen Drost, ABN Amro’s chief executive in Asia, said in the statement.
Under the terms of the sale of Taitung Business Bank’s branches to ABN Amro, the state-run Central Deposit Insurance Corp. will pay ABN Amro NT$6.90 billion (US$208.9 million) to take over the branches, said L.C. Pan, spokesman for Central Deposit Insurance.
ABN Amro will also assume an unspecified amount of debt and liabilities, mainly consisting of around NT$40 billion worth of deposits held by Taitung Business Bank, Pan said.
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