COMPANIES Taiwan’s Chinatrust Financial on Wednesday said it could cancel an agreement to buy 30 per cent of Nan Shan Life Insurance after the island’s financial regulator failed to approve its application for a private placement, a potential setback to AIG’s plan to raise $2.2bn of much needed cash from the sale of Taiwan’s second-largest life insurer.
Chinatrust, Taiwan’s largest credit card issuer, told the Financial Times that it would comply with the Financial Supervisory Commission’s demand on Tuesday for more information on the $1.4bn issuance, but should the regulator decide to block the placement, it would pull out of the deal.
