Chinatrust Commercial Bank Co., Ltd. has submitted an official proposal to acquire The Tokyo Star Bank, Limited (TSB) on January 10, 2013, Nikkei has learned. Lone Star Funds, Shinsei Bank, Limited and Credit Agricole S.A. are believed to have indicated their support for the bid. The acquisition price will not be finalized until due diligence is completed, but the Chinatrust has valued the company at ¥50 billion.

Pending a final agreement with shareholders, the deal will be reviewed by the Financial Services Agency.