Taiwanese bank 'to announce buyers'

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One of Taiwan's banks is set to announce details of possible suitors, the country's financial regulator has said.

The Financial Supervisory Commission said that either Chinfon Commercial Bank or Asia Trust will make an announcement in the next two days, Reuters reports.

Both banks are said to be eager to get a fundraising agreement in place or find buyers in order to avoid a potential takeover by the national government.

One party which has denied it is the running to buy a stake in Chinfon is Cathay Financial, which had been reported to be interested in the bank.

While many smaller financial institutions in Asia may be seeking to consolidate their positions, the mergers and acquisitions activity has not been a one-way process.

For example, China Investment Corporation recently bought a 9.9 per cent stake in Morgan Stanley in a deal worth A$5.8 billion.