MANILA: Taiwans Cathay Financial Holding Co Ltd is set to acquire a fifth of the Philippines Rizal Commercial Banking Corp for US$400 million (RM1.3 billion), one of the first of an expected string of deals after Manila relaxed rules for investment in the banking sector. The Philippine lender said yesterday its board has selected Cathay Life Insurance Co Ltd, a unit of Cathay Financial, as the preferred bidder for a proposed acquisition of a 20 per cent stake. Philippine banks are attracting overseas investment after the Congress passed a law allowing foreign groups to take full control of local banks. Reuters
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