Newbridge approached by Chinese banks for Taishin stake -paper - News

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Newbridge approached by Chinese banks for Taishin stake -paper

By: AFX | 11 Nov 2009 | 09:05 PM ET

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TAIPEI, Nov 12 (Reuters) - Newbridge Capital, investor George Soros, and Nomura Holdings have been approached by Chinese banks interested in their stakes in Taishin Financial in a sale that could be worth T$30 billion ($923 million), the Commercial Times reported on Thursday. The interest of the state-owned Chinese lenders, which were not identified in the report, comes as Taiwan is expected to sign a financial service pact with China as soon as next week. If the purchase materialises, Chinese banks would become Taishin's biggest investor, the newspaper said, citing unnamed sources. Private equity fund Newbridge holds a 21 percent stake in Taishin, George Soros's fund has 4 percent and Nomura Holdings holds 3.2 percent, the Chinese-language newspaper said. Lin Keh-hsiao, president of Taishin, said he was not aware the investors were planning to sell their stakes, the report said. Taishin, the island's No.4 listed financial holding firm by assets, said in May that it was talking to five Chinese banks about strategic alliances. Shares of Taishin opened 0.74 percent higher on Thursday, beating the main index's 0.19 percent gain. (Reporting by Faith Hung; Editing by Chris Lewis) ((faith.hung@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: faith.hung.reuters.com@reuters.net)) Keywords: NEWBRIDGE TAISHIN (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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