MUFG to pay billions for Temasek's Bank Danamon stake

Singapore

JAPAN'S Mitsubishi UFJ Financial Group (MUFG) (see amendment note) on Tuesday said that it will buy a 73.8 per cent stake in Indonesia's fifth most profitable bank, PT Bank Danamon Indonesia, from a unit of Temasek Holdings.

On Tuesday, MUFG said that it has entered into conditional share purchase agreements with Asia Financial (Indonesia) Pte Ltd (AFI) and other affiliated entities. AFI is a wholly-owned subsidiary of Fullerton Financial Holdlings, which is in turn wholly-owned by Temasek Holdings.