carlyle-takes-control-of-ta-chong-bank

Carlyle takes control of Ta Chong Bank

A consortium led by the private equity firm will invest $657 million to become the largest single shareholder in Taiwan's Ta Chong Bank.

By Sameera Anand

July 10, 2007

A Carlyle-led consortium will invest NT$21.5 billion $657 million in Taiwan's Ta Chong Bank to become the largest single shareholder of the bank.

The consortium will acquire a 35% stake in the Taiwanese lender, routing its investment via three instruments common shares, preferred shares and convertible bonds. Both the common and preferred shares will be issued to Carlyle at a price of NT$17 per share. The price represents a 42% premium to the closing price of Ta Chong on July 9.

Ta Chong has total assets of NT$337 billion across 50 branches in Taiwan and offers a range of banking products. It made a pre-tax loss of NT$103 million in the...

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