On Dec. 20, 2005, Standard & Poor's Ratings Services affirmed its ratings on International Commercial Bank of China (ICBC, A/Stable/A-1), Chiao Tung Bank (Chiao Tung, A/Stable/A-1), and Chung Kuo Insurance Co. Ltd. (BBB+/Stable/--), operating subsidiaries of Mega Financial Holding Co. Ltd. (Mega), following an announcement by Mega that it intends to acquire up to 26% of Taiwan Business Bank (TBB) over the next year at a price of no more than Taiwan dollar (NT$) 9 per share. The deal is still subject to the regulator's approval. This transaction is a vital part of the government's stated policy of consolidating the banking sector. If Mega acquires full control of TBB and TBB merges with the banking subsidiaries of the Mega group,...
Companies mentioned in this report are: Mega Financial Holding Co. Ltd.,Chiao Tung Bank,Mega International Commercial Bank Co. Ltd.,Chung Kuo Insurance Co. Ltd.
Action: Outlook: Stable
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