Chinatrust board okays Truswell acquisition

The board of Chinatrust Financial gave its go-ahead to acquire a 98.6 percent stake in Truswell Investment for NT$466 million or US$15.6 million.

“We have a positive view on the outlook of the local wealth management market and intend to take better advantage of it after making Truswell a subsidiary,” Chinatrust Financial said.

Truswell Investment could also serve as a platform to allowing Chinatrust to make inroads into China’s asset management market, the company said.

Chinatrust Financial vowed to retain all Truswell employees and their benefits, and honor all agreements with its customers.

The acquisition still needs approval from the Financial Supervisory Commission.

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