Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, November 12, 2014

Cathay Fin plans to purchase US asset manager Conning Holdings for $240 mln, (NASDAQ: FISI)

Cathay Financial Holding Co Ltd , parent of Taiwan's biggest life insurer, said on Wednesday it plans to purchase U.S. asset manager Conning Holdings Corp for $240 million, in the latest sign Taiwanese financial firms are expanding outside the overcrowded home market. The deal, subject to Taiwan regulatory approval, is expected to closed in the second half of 2015, Cathay said in a statement. Conning said it will issue a press statement regarding the deal later.The purchase is the second overseas deal by Cathay Financial in less than two months as Taiwan's regulators encourage financial institutions to expand in Asia, allowing insurance capital to be used in acquisitions overseas but not be counted toward an insurer's overall overseas investment quota .Cathay Financial is already set to acquire a fifth of the Philippines' Rizal Commercial Banking Corp (RCBC) for $400 million.

Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.36% or $-0.09/share to $24.84. In the past year, the shares have traded as low as $19.72 and as high as $26.62. On average, 41731 shares of FISI exchange hands on a given day and today's volume is recorded at 32429.