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Taiwan insurer buys stake in Indonesian bank

Published Mon, Jan 5, 2015 · 09:50 PM
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Taipei

A UNIT of Cathay Financial Holding Co Ltd has agreed to buy a 40 per cent stake in Indonesia's Bank Mayapada Internasional Tbk PT for US$278 million, in the Taiwanese group's third overseas deal in the past six months.

The purchase of Bank Mayapada by Cathay Life Insurance Co Ltd, Taiwan's biggest life insurer, is part of the Cathay Financial's push to expand out of an overcrowded home market.

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