Taishin gains conditional approval for purchase of Prudential unit (updated)

TS Financial Holding Co

01/06/2021 10:23

(Recasts, adds details)
    TAIPEI, June 1 (Reuters) - Taiwan has given conditional
approval for Taishin Financial Holding Co's  2887.TW  purchase
of Prudential Financial Inc's  PRU.N  Taiwan unit, which it
agreed to buy last year for T$5.5 billion ($199.41 million).
    Taiwan's Financial Supervisory Commission on Tuesday said it
had granted approval on Monday but Taishin would have to place
its stake in Chang Hwa Commercial Bank  2801.TW  in a trust to
guarantee its future capital needs.
    The U.S. insurer is exiting some Asian markets and in April
last year sold its South Korean unit to KB Financial Group Inc
 105560.KS  for $1.89 billion. 
($1 = 27.5980 Taiwan dollars)

 (Reporting by Emily Chan; Writing by Ben Blanchard; Editing by
Nick Macfie and David Goodman
)
 ((ben.blanchard@thomsonreuters.com;))