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Japanese bank invests in Philippine lender

Bank of Tokyo-Mitsubishi UFJ will acquire a 20% stake in Philippine bank Security Bank, signifying expansion of the Japanese bank’s operations in the newly created Southeast Asia free-trade area. The bank has already invested in Thailand and Vietnam. The bank will infuse 36.9 billion pesos ($782 million) in fresh capital into Security Bank in exchange for the holding of new common and preferred shares as well as two seats on the Philippine bank’s board. Security Bank, the Philippines’ seventh-largest lender by assets, said it expected the deal would increase its capital to 89.3 billion pesos from 52.4 billion pesos as of September. The bank also said the transaction, expected to close in the first half of the year, would be the largest equity investment by a foreign investor in a Philippine financial institution. Bank of Tokyo-Mitsubishi UFJ owns a 77% stake in Thailand’s Ayudhya and a 20% holding in VietinBank, one of the largest state-owned commercial banks in Vietnam.

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