Taiwan-based Yuanta Bank has agreed to buy South Korea’s Hanshin Savings Bank for KRW135.1bn ($112m).

Under the terms of the transaction, Yuanta Bank will acquire 100% of the ordinary shares of Hanshin Savings Bank from AON Holdings in cash.

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The deal has already received the green light from the board of directors of Yuanta Bank.

It is now subject to approval from shareholders of the two banks as well as from financial authorities in Taiwan and South Korea.

Following the completion of the transaction, Hanshin will become the second overseas unit of Yuanta Bank, with the first one being Philippines’ Tong Yang Savings Bank which it purchased earlier this year.

Commenting on the takeover, Yuanta Financial Holding said in a statement: "Through this acquisition, Yuanta Bank will expand its overseas business in North East Asia region and become more competitive."

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Hanshin Savings Bank is based in Seoul, and operates with two branches in the country’s capital.