Longreach seeks to sell Taiwan bank stake for $1.2b

Longreach, which acquired 51% of EnTie for $637 million in 2007, has reportedly invited around eight corporate finance teams to compete for the sales mandate. Morgan Stanley is said to be responsible for the stake sale.

"Longreach wants to make a profit," a source with direct knowledge of the situation told Reuters on Thursday. "They are trying to decide when to exit."

According to Fitch Ratings in Taiwan, returns on Taiwanese bank assets last year were merely at 0.53%, the lowest in Asia excluding Japan.

Carlyle Group is reportedly seeking to sell its stake in the mid-sized Taiwanese lender Ta Chong Bank. The private equity player owns about a 40% stake in Ta Chong, valued at around $310 million. It has invited investment banks to run the sale, but no potential buyers have come forward. However, according to local media, Fubon and Yuanta Financial are interested in buying the stake.

En Tie is currently trading at TWD$11.6, down as much as 4% from yesterday's trading.

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• Topics
• Greater China
• Financials
• Exits
• Exit
• Taiwan (China)
• The Carlyle Group
• The Longreach Group Limited
• Financial Services