China's ICBC to Buy 20% of Taiwan's Bank SinoPac

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China’s largest bank announced today it’s looking to buy a 20% stake in Taiwan’s Bank SinoPac.

The purchase by the Industrial & Commercial Bank of China, or ICBC, would be the first investment by a Chinese bank in a Taiwanese one. The proposal comes a day after Taiwan said it would relax the investment limits for Chinese banks.

According to Chinese state-run Xinhua News Agency, ICBC says the deal is expected to be worth around $625 million.

Taiwan’s President Ma Ying-jeou has pushed for closer trade ties with the Communist regime since he took office in 2008. But the efforts have drawn criticism for opening Taiwan up to Beijing’s hostile intentions to ultimately take control of the island.

Regulators in both Taiwan and China will have to approve the ICBC deal.

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