Taiwan’s Financial Supervisory Commission (FSC) has approved the proposal by CTBC Bank to purchase Tokyo Star Bank and Taiwan Life Insurance for $520.2m.
The deals were announced in October 2013 but were halted as FSC found CTBC attempting to hide the control of a Shanghai-based company from its board and FSC.
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FSC then imposed a fine of $332,000 on CTBC and placed a ban on all its investments until CTBC changed its internal control and disclosure systems.
FSC banking bureau deputy director-general, Jean Chiu, was quoted by Taipei Times as saying that the commission decided to give the go-ahead because CTBC Bank has since strengthened internal oversight.
The purchase of Tokyo Star Bank, which has strong presence in retail market with 31 outlets and 1,200 employees, will allow CTBC Bank to grab retail banking and cross-border financing opportunities across East Asia.
The Tokyo Star deal, however, is yet to receive regulatory approval in Japan.
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