Baker & McKenzie has advised Taiwan’s CTBC Financial Holdings on its acquisition of Tokyo-based local lender Tokyo Star Bank for 52 billion yen ($530 million), in a deal that makes CTBC Financial the first foreign bank to acquire a Japanese lender.

CTBC Financial, Taiwan’s biggest credit card issuer, will buy 98.2 percent of Tokyo Star Bank from the firm’s current shareholders, Shining Star Godo Kaisha and Allied Holding Godo Kaisha.

A Baker & McKenzie team led by Taiwan partner Joseph Fu and Tokyo partner Norihiro Sekiguchi advised CTBC Financial, while Mori Hamada & Matsumoto advised the sellers.

The deal is pending approval from CTBC Financial shareholders and regulators in Japan and Taiwan.

CTBC Financial also owns CTBC Bank. The banking group said it will tap opportunities in Japan’s wealth management business, cross-border trade finance and investment consulting businesses through Tokyo Star Bank, which has 1,256 employees.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.