Morgan Stanley to get seat on Chinatrust board
Chinatrust Financial Holding Co (CFHC), the top credit card issuer in Taiwan, will let Morgan Stanley to have a seat on its board, said CFHC’s chief investment officer Daniel Wu.
The U.S. investment bank, which is currently the second largest single shareholder of CFHC, will appoint a board member by the end of this year, according to Wu.
Morgan Stanley has applied to buy up to 10% stake in the Taiwanese financial services provider for US$610 million last year. It finally acquired 4.01% stake in CFHC in June this year, and bought more on the market since then.
Through the tie-up, CFHC would be able to buy a stake in Nan Tung Bank in Zhuhai, China, which Morgan Stanley acquired two years ago, according to a report on Taiwan’s Economic Daily.
Headquartered in Taipei, CHFC provides a variety of financial services, including banking, securities, securites-related futures, bill and bond, insurance brokerage, asset management, security services and lottery.
The Koo’s family is the largest shareholder of CFHC.
Tags: brokers, investment