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SAC Private Capital, GE Capital exit Taiwanese bank Cosmos

13 Feb 2014

taiwan_sqSAC Private Capital Group and GE Capital have decided to exit their majority investment in Taiwanese bank Cosmos to China Development Financial.

SAC operates out of the same Connecticut offices as hedge fund SAC Capital Advisors, which last year agreed to plead guilty to insider trading, according to the Wall Street Journal. The report noted that profitability in Taiwan’s crowded banking sector is among the lowest in Asia with 70 foreign and domestic banks serving a population of 23m.

The firm bought an 82 per cent interest in the bank in 2009 for $900. Their shareholding was sold for $760m, Reuters said earlier this week.

Last month it was reported that private equity major Carlyle was looking to exit Taiwanese TV company Eastern Broadcasting.

Carlyle received a bid for its 61 per cent stake in the company, but the offer was “substantially below” its expectations.

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