Standard Chartered Plc today announced that Standard Chartered Bank, its subsidiary company, would be launching an offer for 100% of the issued and to be issued share capital of Hsinchu International Bank.
Hsinchu is the seventh largest private sector bank in Taiwan. The offer price for Hsinchuâ€™s entire share capital is a total of £0.65b, at 24.50 New Taiwanese Dollars per share.
Acquisition of Hsinchu is â€œsubject to a minimum acceptance condition of 51 per cent and to the satisfaction of remaining regulatory consentsâ€, a statement said today. The acquisition is expected to be finished on November 2006