OPERATIONAL EXPANSION:The company said it hopes to tap into the vast Asian markets by acquiring BEA Wealth Management Services and Tung Shing Holdings
Date: Oct 26, 2015
By: Ted Chen / Staff reporter
SinoPac Securities Co (永豐金證券) on Friday said it is to acquire two brokerages in a bid to bolster its wealth management business in Taiwan and expand the operational scale of SinoPac Securities (Asia) Ltd (永豐金證券亞洲), its Hong Kong-based subsidiary.
SinoPac Securities plans to acquire BEA Wealth Management Services Taiwan Ltd (東亞證券) for NT$375 million (US$11.53 million) and Tung Shing Holdings Co (東盛控股) for HK$540 million (US$69.68 million), the securities arm of SinoPac Financial Holdings Co (永豐金控) announced at a news conference in Taipei.
BEA Wealth Management is a Taiwan-based subsidiary of Hong Kong’s Bank of East Asia Ltd (BEA, 東亞銀行) specializing in re-consigned trading and has two service locations. [FULL STORY]