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ICBC, Sinopac close to deal

Industrial and Commercial Bank of China and Taiwan’s Sinopac Financial Holdings may close their $600 million deal soon though it has been delayed by a stalled bill in Taiwan parliament. According to news reports, both the entities are optimistic that the deal will go through. ICBC in 2013, agreed to buy a 20% stake of Sinopac’s banking arm, but the companies have been forced to renew their contract as Taiwan’s legislature mulls a planned trade pact that would open the way for such cross-strait deals.

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