December 30, 2012 / 6:16 AM / 5 years ago

Taiwan's Chinatrust in talks to buy Tokyo Star Bank for $580 mln

TOKYO, Dec 30 (Reuters) - Taiwan’s Chinatrust Commercial Bank is in talks with U.S. investment fund Lone Star Funds and other shareholders of Tokyo Star Bank to take over the Japanese lender for some 50 billion yen ($580.8 million), Japanese media reported on Sunday.

The Taiwanese bank is expected to acquire a nearly 100 percent stake in 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 next year.

Chinatrust 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. (Reporting by Antoni Slodkowski; Editing by Robert Birsel)

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