Taiwan's regulator finally gives CTBC the go-ahead to acquire Manulife's Taiwan insurance business.

The Financial Supervisory Commission of Taiwan has approved CTBC Life Insurance's proposal to acquire Manulife's Taiwan operations for NT$724 million ($24.04 million). 

The transaction, to be completed by 1 January 2014, is expected to help boost CTBC's total assets under management to over NT$200 billion, from the current NT$174 billion. It will also expand its client and policy numbers to 513,000 and 900,000, respectively. 

CTBC proposed to acquire the Canadian firm's Taiwan business in August 2013 as part of efforts to maximise earnings in the region and diversify its income sources. All existing employees and agents at Manulife will be offered a job.

In a separate statement issued in July, when news of the acquisition was first revealed, Manulife said that while it is selling its life insurance business to CTBC it remains committed to its Taiwan asset management business, which will not be affected by the transaction.