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Taiwan's Chinatrust in talks to buy Tokyo bank: report

Published on Dec 30, 2012 10:50 AM

TOKYO (AFP) - Taiwan's Chinatrust Commercial Bank is in talks to take over a regional Japanese bank in what would be the first such foreign acquisition, a report said on Sunday.

The major Taiwanese bank has already told the shareholders of Tokyo Star Bank that it wants to buy a nearly 100 per cent stake for about 50 billion yen (S$710million), the business daily Nikkei reported.

Although foreign funds have taken over Japanese banks before, no overseas bank has ever done so, it said.

Tokyo Star's shareholders - including US investment fund Lone Star Funds, Japan's Shinsei Bank and France's Credit Agricole - are due to examine the terms of the proposed takeover early next year, the Nikkei said.

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