Taiwanese bank to buy remaining slice of UCB

[geovalin]

Cam McGrath

Taiwan's E.SUN Commercial Bank plans to purchase the remaining 25 per cent stake in Union Commercial Bank (UCB), giving it full ownership of the small Cambodian lender.

The $39.9-million acquisition aims “to broaden E.SUN’s service network in ASEAN countries and thereby strengthen the bank’s competitive advantage for its long-term development,” E.SUN Bank’s listed parent company, E.SUN Financial Holding Co, said in a filing to Taiwan’s securities exchange on Wednesday.

“The acquisition will secure our position in Southeast Asian markets and tap into rapid economic growth in Cambodia and adjacent regions,” Taiwanese media quoted E.SUN Bank’s president Joseph Huang as saying.

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