Carlyle shelves plans to exit Taiwan’s Ta Chong Bank

"Nobody has approached us about a sale, and I don't think we'll be selling for the time being," said Alex Ying, a managing director at Carlyle, Reuters reported. "Our most essential job is to improve Ta Chong's earnings performance."

The private equity firm purchased 35% of Ta Chong for NT$21.5 billion ($729 million) in 2007. In May, it was reported that Carlyle and the Chen family - which owns about 30% - intend to exit in a share swap with Yuanta that would value their equity at T$15-17 per share. Carlyle would get a 7% stake in Yuanta through the deal.

Previously, Fubon Financial announced plans to acquire a bank to expand its presence in southern Taiwan, prompting speculation that Ta Chong was the target, but nothing materialized.

Two months ago, Japan-focused private equity firm Longreach Group was also said to seek buyers for its stake in Taiwanese lender EnTie Commercial Bank in a deal worth about $1.2 billion. However, the firm told Reuters earlier this month that it is no hurry to exit, again citing the tough environment.

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