Sinopac GDRs target US$150m

Taiwan's Bank of SinoPac is to issue global depository receipts (GDRs) in Luxembourg or London to raise US$150 million. The bank plans to issue the GDRs within six months after securing Securities and Futures Commission approval. SinoPac will become the first Taiwanese financial institution to issue GDRs to obtain low-cost funding from overseas, a bank official said.