Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

MUFG seeking 40 percent of Indonesia's Bank Danamon for 200 billion yen - source

Published 09/11/2017, 02:42
Updated 09/11/2017, 02:50
© Reuters. FILE PHOTO: Japan's national flag is seen behind the logo of  Mitsubishi UFJ Financial Group Inc (MUFG) at its bank branch in Tokyo

© Reuters. FILE PHOTO: Japan's national flag is seen behind the logo of Mitsubishi UFJ Financial Group Inc (MUFG) at its bank branch in Tokyo

TOKYO (Reuters) - The core unit of Mitsubishi UFJ Financial Group (MUFG) (T:8306) is looking at buying a 40 percent stake in Bank Danamon Indonesia (JK:BDMN) for around 200 billion yen (1.34 billion pounds), a person with direct knowledge of the matter said.

Bank of Tokyo-Mitsubishi UFJ (MUFG) intends to buy the shares from Singapore state investor Temasek Holdings, a major shareholder in Bank Danamon, two people with direct knowledge said.

Shares in Bank Danamon surged 11 percent in early trade on Thursday.

MUFG plans to reach a basic agreement this year and hopes to make the purchase in the next financial year that starts in April, one of the people said. The person added that the Japanese megabank would like to a majority stake in the future if it can win approval from the Indonesian government.

The people declined to be identified because MUFG's deliberations on the matter were not public. A MUFG representative declined to comment.

Temasek did not immediately respond to an email requesting comment.

© Reuters. FILE PHOTO: Japan's national flag is seen behind the logo of  Mitsubishi UFJ Financial Group Inc (MUFG) at its bank branch in Tokyo

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.