The Industrial Bank of Taiwan has confirmed that it has successfully completed the 100% acquisition of US-based EverTrust Bank, which it has purchased for $65 million in cash.
Under the terms of the deal, EverTrust will operate as a subsidiary bank of the Industrial Bank of Taiwan (IBT) and continue to use its own name. The merger application has received regulatory approvals from the Federal Reserve Board, the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation.
Kenneth Lo, chairman of IBT, who will assume the chair of EverTrust, commented: IBT has focused on establishing a foreign presence with a goal of building a platform to provide international financial services to Chinese communities in Taiwan, Hong Kong and the US. The acquisition of EverTrust allows IBT to enter into the US financial market and better serve its existing and potential clients. EverTrust will focus on serving overseas Chinese businesses, and providing commercial real estate loans and wealth management services to customers in the US
Henry Peng, president of IBT, commented: By leveraging IBT’s connections and brand name, EverTrust intends to cultivate its brand image in Chinese communities and strengthen its relationships with Chinese businesses. It will also endeavor to expand commercial loans, trade finance, treasury service, and deposits.
In addition, the bank hopes to expand its service networks through the acquisition of other Chinese-owned banks or opening up new branches… Ultimately, EverTrust aspires to provide clients in Taiwan, the US and China with quick turnaround on lending decisions and cross-continent financial services.