Eastern Bank To Buy AIG Credit Card

Far Eastern Bank To Buy AIG Credit Card Operating For NT$2.3 Billion-NT$3 Billion
Dow Jones
May 20, 2009: 12:21 PM ET

TAIPEI -(Dow Jones)- Far Eastern International Bank's (2845.TW) board approved the purchase of the credit-card operation and accounts receivable of AIG Credit Card Co. (Taiwan) Ltd. for between NT$2.3 billion and NT$3 billion, the Taipei- based bank said late Wednesday.

The acquisition is aimed at expanding Far Eastern International Bank's credit card business and market share, the company said in a filing to the Taiwan Stock Exchange.

After the acquisition, Far Eastern International Bank will have 1.25 million credit cards in circulation with NT$14 billion of revolving balance, and will become one of the top 10 credit issuers in Taiwan, the Central News Agency said Wednesday, without citing sources.

Currently, Far Eastern International Bank has about one million credit cards in circulation with NT$9 billion of revolving balance, CNA said.

source-:money.cnn.com