Taiwan-based CTBC Bank’s $530m bid to purchase Tokyo Star Bank has been approved by the Japanese government’s Financial Services Agency (FSA), paving the way for integration of both firms most probably by the end of June 2014.
The FSA started review of the proposed transaction following the formal approval by Taiwan’s Financial Supervisory Commission on 15 April, CTBC Bank was quoted as saying by chinapost.com.tw.
Go deeper with GlobalData
Earlier, the Investment Commission of the Ministry of Economic Affairs (MOEA) gave its green signal for the merger on 7 May 2014.
In October 2013, CTBC agreed to acquire 98.16% stake in Tokyo Star Bank from the current shareholders including US investment fund Lone Star, in a transaction valued at approximately NT$15.6bn ($530m).
CTBC Financial would be the first foreign lender to take a controlling stake in a Japanese lender following completion of the deal.
After merger, Tokyo Star Bank will concentrate on offering asset management, cross-border financing and investment consultation services.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTokyo Star, which was created by Dallas-based Lone Star from Tokyo Sowa Bank, manages a network of 31 branches with the help of more than 1,500 staff across major cities in Japan with a strong presence in the retail market.
