TAIPEI, April 15 Taiwan's financial regulator
has given its preliminary approval to CTBC Financial Holdings'
acquisitions of Tokyo Star Bank and Taiwan
Life Insurance, local media reported on Tuesday.
The deals were announced in October but approval had been
put on hold after CTBC, Taiwan's top credit card issuer, was
found to have failed to followed its own internal protocols with
bank managers hiding control of a China-based company from board
members, the Economic Daily and the Commercial Times reported.
The Financial Supervisory Commission fined CTBC NT$10
million ($330,000) and temporarily restricted it from setting up
overseas units, the reports said.
Representatives for CTBC and the financial regulator were
not immediately available to comment.
CTBC had said it was planning to buy the Japanese bank for
52 billion yen ($510 million) and take over Taiwan Life in an
all stock deal.
($1 = 101.8500 Japanese yen)
(Reporting by Faith Hung; Editing by Edwina Gibbs)