The China Post
TAIPEI, Taiwan — CTBC Financial Holding Co. and CTBC Life Insurance Co. resolved in their board meetings yesterday to assume the operations, assets and liabilities of the Taiwan branch of Manulife International.
The valuation date of the transaction is Dec. 31, 2012. Under the agreement, Manulife Taiwan is valued at a total of NT$724 million. The final price will be adjusted based on changes of balance sheet items which affect net worth between the initial valuation date and completion date.
Earlier today, representatives from both parties finalized and signed off on the agreement after the boards’ authorizations. Completion of the acquisition is subject to regulatory approval and the actual completion date will be set after the application is received by the regulatory authority.