Tycoon set up bank

Tycoon set up bank

HONG KONG (Reuter): Investors representing leading Asian conglomerates said yesterday they had established a Hong-Kong based investment bank, KG Investments (KGI).

Shareholders now include Taiwan's Koos Group and Japan's Nippon Life Insurance Co., KGI said in a statement.

Other shareholders, subject to regulatory approval, are South Korea's Tong Yang Group, Singapore's United Overseas Bank, Indonesia's Salim Group, the Philippines' Yuchengcho Group and Thailand's Bangkok Bank Public Co. Ltd.

"KGI represents a formidable combination of Asian investors," said KGI chairman Jeffrey Koo, who is also chairman of Taiwan- based China Trust Commercial Bank.

"These shareholders bring together a vast network of resources to support KGI, for example, through the China Trust Commercial Bank."

Japan would be one of KGI's key areas, the statement said.

It did not provide a breakdown of each shareholder's stake in the new bank or give details of its activities and when it would begin operating.