Citigroup to Acquire Another Asian Bank

Published on:
10 April 2007 at 04:12 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00025780-citigroup-to-acquire-another-asian-bank/

Citigroup has bought the island of Taiwan’s Bank of Overseas Chinese for 14.1 billion New Taiwan dollars, or $426 million. This makes it the bank’s third Asian acquisition.

Citigroup will pay 11.80 dollars per share, 4.9 percent higher than the stock’s last closing price, to acquire 100 percent of Overseas Chinese, Morris Li, the New York-based bank’s country head in Taiwan, said at a news conference.

The acquisition is expected to be completed in the second half of this year.