Chinatrust strikes deal to buy 30% of Nan Shan Life Insurance

Taipei-based financial services group Chinatrust Financial Holding Company has signed a memorandum of understanding with Hong Kong-based China Strategic Holdings to acquire a 30% stake in Taiwanese insurer Nan Shan Life Insurance for $660 million.

The deal comes just weeks after a consortium comprising China Strategic and Primus Financial Holdings bought Nan Shan in a competitive auction in early October. Primus Financial is private equity-backed and was launched earlier this year with the intent of creating a financial services conglomerate in Asia. Former Citibanker Robert Morse is chief executive officer of Primus. Hong Kong-listed China Strategic is the public vehicle through which the consortium is raising part of the financing for the acquisition.

The Primus-led...