Japan’s Financial Services Agency (FSA) has approved Taiwanese financial institution CTBC Bank’s proposal to acquire Tokyo Star Bank.
The approval follows the nods from the Investment Commission of the Ministry of Economic Affairs (MOEA) in May and Taiwan’s Financial Supervisory Commission in April.
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CTBC Bank had announced its plan to acquire Tokyo Star Bank earlier in October 2013 and the merger is expected to be completed by the third quarter at the earliest, reported The China Post.
Following the merger, Tokyo Star Bank will offer asset management, cross-border financing and investment consultation services and financing to Japanese companies that intend to foray in the Chinese market and Southeast Asian countries.
In addition, the Japanese lender will also support facilitate joint ventures and technical acquisitions between companies from Japan and China or other Southeast Asian nations aimed at linking financial services between Southeast and Northeast Asia.
Tokyo Star Bank has 31 branches in major cities in Japan in addition to its network in Greater Tokyo and boasts a staff force of over 1,500 employees.
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