Taiwan’s Far Eastern raises US$135m

Far Eastern International Bank said on Friday it had sold 18.25 million global depositary shares at $7.4 each or NT11.25, raising US$135 million.  

The Taipei headquartered lender planned the share sale in order to improve its tier one capital ratio. Taiwanese financial companies are also using funds to help tap into the growing cross-border flows with mainland China.

Far Eastern also wanted to broaden its international shareholder base, said a person familiar with their plans.

The GDSs will be convertible back into ordinary shares in a few weeks.

GDSs are a way for international investors to...