The Investment Commission of the Ministry of Economic Affairs in Taiwan has approved BEA's move to acquire AIG Wealth Management Services Taiwan Limited.
The Bank of East Asia, through its wholly-owned subsidiary, entered into an agreement with Falcon Private Bank Ltd, formerly known as AIG Private Bank Ltd. The transaction is expected to be completed by the end of June 2009. Upon completion, the entity will be renamed BEA Wealth Management Services (Taiwan) Limited.
"BEA's acquisition of AIGWMS is an important strategic move that will enable us to expand our footprint in Taiwan," says BEA's Chairman & Chief Executive, Dr. David K.P. Li. "The firm's strong operating platform and customer base will help the Bank strengthen its wealth management business in Taiwan, tap the affluent market segment, and increase its overall market presence in Taiwan in the long term."
"The acquisition is also in line with our Bank's strategy to expand the catchment area to locations where our key target customer groups reside. We see the announcement as a significant milestone in BEA's strategic expansion in the dynamic Taiwanese market," adds Dr. Li.
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