Taishin Financial Holding, the Taiwanese asset management firm, has agreed to fully acquire the Taiwan business of New York Life for NT100 million ($3.34 million). 

Taishin, which currently has nine subsidiaries, has no local insurance presence. Its acquisition of New York Life's local business effectively solidifies its financial footprint in Taiwan, what with the US insurance firm's almost 200,000 clients in the country. Taishin Financial will acquire 641 million total common stocks in New York Life Insurance Taiwan.

The transaction will need an approval from the Financial Supervision Commission to proceed. There is no stated time frame for the closing of the deal.