By: Tien Yu-pin and Frances Huang
Taipei, May (CNA) Taiwan Ratings (中華信評), a local partner of Standard &
Poor’s Ratings, has affirmed the credit ratings of CTBC Financial Holding Co. (中信金), which recently decided to acquire a life insurance company.
In a statement Thursday, Taiwan Ratings said CTBC Financial’s outlook remained stable, following the announcement of the decision to acquire Taiwan Life Insurance Co. (台壽保).
CTBC Financial has said it will acquire Taiwan Life through a stock swap, issuing 1.44 common shares in exchange for one Taiwan Life common share.
The deal, scheduled to be completed by the end of the year, is valued at NT$32.35 billion (US$1.06 billion). [FULL STORY]