CTBC Bank's acquisition of Tokyo Star Bank approved by Japan's FSA
By John Liu ,The China Post
June 3, 2014, 12:04 am TWN
TAIPEI, Taiwan -- CTBC Bank's (中國信託商銀) bid to acquire Tokyo Star Bank has been approved by the Japanese government's Financial Services Agency (FSA) and the merger is expected to be completed in the third quarter or by the end of June at the earliest.
CTBC Bank announced its plan to acquire Tokyo Star Bank last October. The FSA began the reviewing process after the case was officially approved by Taiwan's Financial Supervisory Commission on April 15, CTBC Bank said.
The merger was approved by the Investment Commission of the Ministry of Economic Affairs (MOEA) on May 7. A formal application was sent to Japan's FSA on May 12 and the FSA officially approved the case yesterday, according to CTBC Bank.
With a staff of over 1,500, Tokyo Star Bank is a regional bank with a long history, CTBC Bank said. In addition to the Greater Tokyo area, the bank has 31 branches in major cities in Japan. Services provided by the bank include financial management, customer service by telephone and various creative personal financial products. The bank is also known for its diversified promotion channels including Internet and TV advertisement. It is a bank that focuses on both personal and institutional finances, CTBC Bank said.
After the merger, Tokyo Star Bank will focus on providing asset management, cross-border financing and investment consultation services. It will provide financing to Japanese companies planning to make headway in the Chinese market and Southeast Asian countries, CTBC Bank said.
Tokyo Star Bank will also facilitate joint ventures and technical acquisitions between companies from Japan and China or other Southeast Asian nations, connecting finical services between Southeast and Northeast Asia, CTBC Bank said.