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ICBC shelves deal with Sinopac

Industrial and Commercial Bank of China (ICBC) is shelving a proposal to buy a $600 million stake in the banking unit of Taiwan’s Sinopac Financial Holdings. This is because the expected easing of the Taiwan’s ownership curbs against Chinese investment has not materialized. The two entities said they would not extend a share subscription agreement beyond the 1 October deadline, effectively ending what would have been one of the biggest cross-strait financial deals. ICBC had agreed in 2013 to buy a 20% stake in Sinopac’s banking arm for T$20 billion ($609.29 million). But the deal was contingent on the passage of a trade services pact that has yet to be approved by the island’s parliament. However, the two entities would continue to be strategic partners, according to a senior official of Sinopac.

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