Japan's MUFG seeking to buy $2.4 bil Bank Danamon stake: Reuters

TOKYO/SINGAPORE (Reuters): Mitsubishi UFJ Financial Group (MUFG) is in talks to buy a 40% stake in Bank Danamon Indonesia for around 200 billion yen ($2.4 billion), a person with direct knowledge of the talks told Reuters on Thursday.

MUFG, through its core unit Bank of Tokyo-Mitsubishi UFJ, intends to buy Danamon shares from Singapore state investor Temasek Holdings, a major shareholder, said two sources, who declined to be named as the talks were not public.

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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