The deal is expected to expand CTBC’s presence in the overseas market.

The regulator, who earlier imposed investment ban on CTBC, had approved the deal stating the buyer met both professional and financial requirements.

FSC chairman William Tseng said that he will hold an internal meeting to review the Taiwan Life plan and an approval is expected, The Commercial Times reported.

FSC added that it will close down its review of the acquisition, without giving further details.

The commission also said that the buyout will not affect the rights of Taiwan Life’s customers and their more than 1.5 million insurance policies.

Meantime, Taiwan Life Insurance has agreed to extend the deadline for completing a deal in which CTBC to 30 June 2014, from 20 April.