DBS Bank has received the green light from Taiwan regulators for its purchase of certain assets in Bowa Commercial Bank.
The deal is due to be completed on May 24. Back in February, DBS announced that it had won a government auction for the good assets of Bowa Commercial Bank, which include net loans worth US$2 billion and deposits of US$2.9 billion.
Bowa has 39 outlets and almost 1,200 employees.
The purchase marks DBS' foray into Taiwan's banking market. It will give the lender significant inroads into the fourth largest economy and banking sector in Asia, excluding Japan.
The troubled Bowa Bank came under the control of the Taiwan government's Central Deposit Insurance Corporation last August. - CNA/ac
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