The source said: “As long as Cathay is not opposed, ICBC could buy China Eastern’s stake in the life unit. This is just one option ICBC and Cathay Financial are considering. The ultimate goal is for ICBC to invest in Cathay Financial,” reported the news agency.
If ICBC completes the deal, it would be the first direct investment by a Chinese company in a Taiwan financial firm. However, the move, which would allow Cathay to access ICBC’s banking branch network, is subject to regulatory approvals in Taiwan and China.
