MUFG Bank raises stake in Bank Danamon to 40%

The bank is now a controlling shareholder with 40% interest.

MUFG Bank has increased its stake in PT Bank Danamon Indonesia with the Japanese lender now owning 40% interest in the bank after acquiring 20.1% from Asia Financial (Indonesia) Pte. Ltd. and other affiliated entities.

Also read: Japanese banks jumpstart SEA expansion in bid for survival

The additional 20.1% in Danamon was acquired based on the valuation of Danamon at a price of $0.62 per share (IDR 8921) and implies an investment amount of $1.19b (IDR 17.187t), according to a media statement.

Post Step 2, AFI, a wholly-owned subsidiary of Fullerton Financial Holdings Pte. Ltd., will remain a controlling shareholder in Danamon with 33.8% shareholding interests.

“As MUFG Bank commemorates its 50th anniversary in Indonesia this year, it is also renewing efforts to better align its global network to client requirements, and we look forward to harmonising MUFG Bank and Danamon’s capabilities to present a more integrated and unparalleled suite of business solutions to customers in the country,” Takayoshi Futae, MUFG Bank regional executive for Asia said in a statement.

Also Read

Singapore’s financial sector employment rose 4,800 in 2023

Bank Danamon struggles with credit costs due to subsidiary challenges

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit