MUFG steps up Asean expansion

The Japanese megabank is buying a 20% stake in Philippine lender Security Bank in an acceleration of its overseas shift.

Japan’s MUFG is buying a 20% stake in the Philippine regional lender Security Bank for $773 million, marking an acceleration of its shift overseas. 

The purchase by Bank of Tokyo-Mitsubishi UFJ, the main lending arm of MUFG, is also the largest equity investment in a Philippine financial institution by a foreign investor.

BTMU will acquire Security Bank’s common shares and preferred shares with voting rights through a private placement of newly issued shares, the banks said in separate statements on Thursday.

MUFG, Japan’s biggest bank, has been steadily ramping up across the Asean region in recent years as it searches...

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