S&P: Fubon unaffected

Standard & Poor's said its ratings on Fubon Financial Holding Co. Ltd. (BBB/stable/A-3) would not be affected by a recent sale of global depository shares in the company by one of its major shareholders, Citigroup (AA-/stable/A-1+).

S&P said the sale is not likely to have any material impact on the Fubon FHC group's business strategies or profile.

Citigroup sold 40 million Fubon FHC GDS with the underwriter having an option to buy an additional 12 million GDS. The prospective total of 52 million GDS would be equivalent to a 7% of the outstanding shares in Fubon FHC.

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