Taiwan’s Chinatrust in talks for Tokyo Star Bank
(07 January 2013 – Taiwan) Taiwan’s Chinatrust is in talks to take over Tokyo Star Bank for US$580 million (A$553 million).
Chinatrust is expected to acquire nearly 100 percent of the Tokyo-based regional bank, with Lone Star Funds, Shinsei Bank and France’s Credit Agricole likely to make a decision on the offer early this year.
The Taiwanese bank will need to gain the approval of Japan’s Financial Service Agency before the deal is struck.
The acquisition by the Taipei-based lender would bolster its international operations and boost its retail banking business in Japan.
Tokyo Star has been troubled by a slump in earnings since the global financial crisis in 2008 and its shareholders have been looking for a buyer.
The Taiwanese bank will need to gain the approval of Japan’s Financial Service Agency before the deal is struck.
The acquisition by the Taipei-based lender would bolster its international operations and boost its retail banking business in Japan.
Tokyo Star has been troubled by a slump in earnings since the global financial crisis in 2008 and its shareholders have been looking for a buyer.
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