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Taiwan Cooperative Bank in Taipei will sell as much as $909 million of mortgage-backed securities this year to reduce its proportion of home loans amid a recovery in the property market.
June 12 -
Acquisition rumors about Royal Bank of Scotland's U.S. operations are swirling again.
March 24 -
Two deals last week by Sumitomo Mitsui, and economic conditions in Japan, have sparked speculation among U.S. investment bankers whether Sumitomo and others want to buy more banking assets here.
January 25
Taiwan Cooperative Bank has been cleared by the Federal Reserve Board to open a branch in New York.
The $92 billion-asset financial institution is Taiwans second largest bank. Taiwan Cooperative, which already has branches in Los Angeles and Seattle, will offer commercial, wealth management and retail banking products at the New York office.
The Fed also approved an application by Japan's Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking to increase their ownership in Hong Kong's Bank of East Asia to 19.9% from 10.2%.
The purchased needed the Feds blessing due to Bank of East Asia's stakes in the $1.1 billion-asset Industrial and Commercial Bank of China, which is based in New York.
Sumitomo Mitsui Financial Group controls about $1.6 trillion in assets across Asia, the U.K., and the Americas, including the $2.4 billion-asset Manufacturers Bank in Los Angeles and uninsured operations in New York, Los Angeles and San Francisco.