Fubon Financial, one of the most aggressive Taiwanese financial firms expanding into the Chinese market, said on Thursday it will purchase an 80 percent stake in China's Firstsino Bank for 6.45 billion yuan ($1.03 billion).The acquisition would be another sign that banking links across the Taiwan Straits are strengthening. Taiwan's financial companies are keen to tap the huge mainland market as trade ties between the former political foes boom, helping them move beyond a saturated domestic market."It will help us build a complete platform in Greater China, paving the way to enter the fast-growing areas in China," Fubon said in a statement, adding that the purchase is subject to regulatory approvals from both sides.Fubon will buy the stake from Taiwan's Pou Chen Group, which makes shoes for Nike Inc, and Wing Hang Bank, it said. Fubon will also invest in a rights issue to be placed by Firstsino.
NIKE, Inc. (NIKE) is engaged in the design, development and worldwide marketing and selling of footwear, apparel, equipment, accessories and services. Shares of NKE fell by 2.78% or $-1.47/share to $51.33. In the past year, the shares have traded as low as $42.55 and as high as $57.40. On average, 4921050 shares of NKE exchange hands on a given day and today's volume is recorded at 4045474.
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