Taipei Fubon Commercial Bank Co. Ltd. received board approval to increase its stake in Line Bank to 27.18% from 25.1%, with an investment of about NT$2.20 billion, the Taipei Times reported.

The move will have Taipei Fubon Commercial Bank remain the second-largest shareholder in the web-only lender.

Line Bank is planning to first reduce its capital by NT$2.5 billion to cut losses and then increase capital by NT$7.5 billion. The lender is scheduled to hold a shareholders meeting May 20 to discuss the plan for capital injection.

Some stakeholders in Line Bank, such as Standard Chartered Bank (Taiwan) Ltd. and Union Bank of Taiwan, said they would take part in the recapitalization scheme, while CTBC Bank has not decided on the matter yet, according to the report.

As of May 18, US$1 was equivalent to NT$29.79.