Japan's MUFG to buy Temasek's 73.8% stake in Bank Danamon

(Dec 26): Japan’s Mitsubishi UFJ Financial Group Inc said on Tuesday it will buy a 73.8% stake in Indonesia’s Bank Danamon from Singapore’s sovereign wealth fund Temasek Holdings.

MUFG will carry out the transaction in three parts, with an initial acquisition of 19.9% stake in Danamon at 8,323 Indonesian rupiah per share for 15.875 trillion Indonesian rupiah ($1.57 billion), the company said.

Faced with sluggish growth at home, MUFG has expanded its presence in Southeast Asia in recent years, and already holds stakes in Vietnam’s Vientinbank, Thailand’s Bank of Ayudhya and Security Bank Corp of the Philippines.

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