Taiwan Cooperative Financial has signed an agreement with France-based BNP Paribas Investment Partners to buy back the shares of BNP Paribas TCB Asset Management.
The deal would provide full control on the BNP Paribas TCB Asset Management for Taiwan Cooperative.
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Taiwan Cooperative currently holds 51% of the shares in BNP Paribas TCB Asset Management, while the remaining are owned by the French firm.
BNP Paribas TCB Asset Management, which was created in June 2011, currently has a net worth of about NT$387m. It posted losses of NT$9.3m ($30,737) in 2013, which is an increase of NT$8.8m compared to losses in 2012.
Taiwan Cooperative is planning to fund the deal by selling real estate properties and adjusting its loan structure.
"The two sides decided to separate due to business strategy differences," said Taiwan Cooperative Financial chairman Leon Shen, reported taipeitimes citing reporters.
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By GlobalDataTaiwan Cooperative Financial will rename BNP Paribas TCB Asset Management after the completion of shares transfer.
The deal is subject to the approval of the Financial Supervisory Commission.
