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.

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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.