CITIC Bank president says CTBC deal cancellation due to commercial reasons

August 26, 2016 2:08 AM EDT

A man stands in front of CITIC bank's branch in Beijing, China, in this March 23, 2016 file photo. REUTERS/Kim Kyung/File Photo

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BEIJING (Reuters) - The cancellation of investment deals between China CITIC Bank Corp Ltd <601998.SS> <0998.HK> and Taiwan's CTBC Financial Holdings <2891.TW> was mainly due to financial regulation and commercial reasons and had nothing to do with politics, the president of the mainland bank said on Friday.

Neither side could find an agreement after two years of discussions, Sun Deshun told a press conference in Beijing.

The two sides had earlier announced in separate statements they had agreed to end the contract signed more than a year earlier. [nL3N1B7167]

(Reporting by Shu Zhang and Beijing Newsroom; Editing by Muralikumar Anantharaman)

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