World Economy

Deals Cancelled

Deals CancelledDeals Cancelled

CTBC Financial Holdings, parent of Taiwan’s top credit card issuer, and Chinese state-backed lender China CITIC Bank Corp have canceled investments in each other amid fresh cross-strait political tensions, Reuters reported. It is the first deal collapse since pro-independence Democratic Progressive Party leader Tsai Ing-wen became president of Taiwan in May. China CITIC Bank’s president Sun Deshun told a press conference in Beijing, that there was no political aspect to the decision. “This was mainly due to financial regulatory policies in the two locations. And we couldn’t reach agreement on some commercial terms.”