The past two years have seen more than a handful of banks based on other continents pull up the stakes on their foreign outposts. BBVA sold its U.S. footprint to PNC. HSBC spun off its U.S. branches to Citizens and Cathay Bank. Mitsubishi is more than a year into its odyssey of trying to offload MUFG Union Bank. And Citi has found a way out of 12 of the 15 markets it wants to exit.
So when a bank goes against trend, it’s notable.
Taiwan-based Taichung Commercial Bank on Friday announced it would acquire Los Angeles-area American Continental Bank in a roughly $82.1 million cash deal set to close in the first quarter of 2023.