Japan's MUFG to buy 73.8% stake in Bank Danamon from Temasek for $1.57 bil

TOKYO (Dec 26): Mitsubishi UFJ Financial Group (MUFG) said on Tuesday it agreed to buy 73.8% of Bank Danamon Indonesia from Temasek Holdings, as it looks to build a foothold in Southeast Asia's biggest economy.

MUFG said it aimed to buy up to 100% in the lender, which would value the deal at over US$6 billion ($8.1 billion), and had been in contact with Indonesian regulators.

Danamon lends primarily to the retail and corporate sectors and is a major private player in microfinance.

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