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S&P's E.Sun Bank ratings unaffected
Standard & Poor's said the recent announcement of a strategic alliance between E.Sun Financial Holding Co. Ltd. and Singapore-based Temasek Holdings Pte. Ltd. (AAA/stable) will not immediately affect the ratings on its major subsidiary Taiwan-based E.Sun Bank (BBB/stable/A-2).
Temasek, through its wholly owned subsidiary, Asia Financial Holdings Pte. Ltd., plans to subscribe to $400 million in euro convertible bonds issued by E.Sun Financial. Upon full conversion by March 2008, Temasek's investment would represent about 15% of the total shares in E.Sun Financial on a fully diluted basis and provide it with two board seats.
S&P said integration with Temasek and leverage of its resources over the medium term could improve the E.Sun group's business position domestically and overseas.
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