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​CTBC scraps planned $195m acquisition of RBS Malaysia unit

( August 17, 2016, 08:05 GMT | Insight) -- CTBC Financial Holding Co has scrapped plans to acquire Royal Bank of Scotland Group Plc’s Malaysian unit amid allegations of CTBC's involvement in embezzlement, insider trading and irregular land transactions, the Taipei Times reports. CTBC Financial Holding Co has scrapped plans to acquire Royal Bank of Scotland Group Plc’s Malaysian unit amid allegations of CTBC's involvement in embezzlement, insider trading and irregular land transactions, the Taipei Times reports. The $195 million transaction needed clearance from Malaysian regulators — known to be strict with foreign entrants into its finance sector — by Nov. 15, but market observers cited a recent raid on CTBC Financial's offices as being detrimental to the company’s application for regulatory approval. CTBC Financial also announced that CTBC Bank’s $127 million acquisition of RBS’ offshore banking unit in Labuan, Malaysia, had also been called off....

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