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MUFG buys stake in Danamon Bank of Indonesia

Japanese bank Mitsubishi UFJ Financial Group (MUFG) said it is buying a 73.8% stake in Bank Danamon Indonesia. This part of MUFG’s proposed plan to have stronger foothold in Indonesia. MUFG said it aimed to buy up to 100% of the bank, which would value the deal at over US$6 billion. It said it will buy the shares of the Indonesia banks in 3 stages. In the first stage it will buy 19.9% from Singapore state investor Temasek Holdings for 15.875 trillion rupiah. It will then raise the stake to 40%, pending regulatory approval, between the second and third quarters of 2018. After that, it will seek the regulatory nod to hold up to 73.8% in the bank by offering to buy out other shareholders in addition to acquiring shares from Temasek. MUFG already holds stakes in Vietnam’s Vientinbank, Thailand’s Bank of Ayudhya and Security Bank Corp of the Philippines.

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