BEIJING: China’s Industrial and Commercial Bank of China (ICBC) and Sinopac Financial Holdings are optimistic about closing their T$20 billion ($600 million) deal which has been delayed by a stalled bill in Taiwan’s parliament, according to a source with direct knowledge of the matter.
ICBC, among the mainland’s four biggest banks, agreed in 2013 to buy a 20 percent stake of Sinopac’s banking arm but the companies have been forced to renew their contract as Taiwan’s legislature mulls a planned trade pact that would open the way for such cross-strait deals.
“We both are optimistic this deal will be closed. Our contract has been renewed a couple of times, an indication both sides really want this deal done,” said the source, requesting anonymity due to the sensitive nature of the matter.
