TAIPEI (Reuters) - Taiwan’s Cathay Financial Holdings (2882.TW) said its two subsidiaries have completed an agreement to acquire the Malaysia unit of The Bank of Nova Scotia (BNS.TO) for $255 million.
The subsidiaries, Cathay United Bank and Cathay Life, will split the stake at 51 percent and 49 percent respectively, according to a company statement. The deal is expected to be completed in the second half of this year.
Last month, Cathay Financial said its subsidiaries were participating in the equity bid for the Malaysia unit in an exclusive agreement.
Reporting by Emily Chan; Writing by Jess Macy Yu; Editing by Sherry Jacob-Phillips