CTBC Bank, one of the largest privately-owned banks in Taiwan, has received approval from Japan's Financial Services Agency to acquire a local bank.

CTBC first announced its plan to take over Tokyo Star Bank in October 2013 for ¥52 billion ($504 million), subject to approvals from each country's regulatory agencies. The transaction encountered a hurdle in March 2014 after Taiwan's Financial Supervisory Commission found inconsistencies in the offer and fined CTBC NT$10 million ($330,000).

In 15 April, the deal finally got approved by the Taiwan FSC and on 12 May by the FSA. 

Tokyo Star Bank has over 1,500 staff and, in addition to the Greater Tokyo area, has 31 branches in major cities in the country. Upon completion of the merger, the Japan bank will focus on asset management, cross-border financing and investment consultation. It will serve as a gateway for Japanese companies planning to investment in the Chinese and South East Asian markets.