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Mitsubishi UFJ agrees to buy Thailand's Bank of Ayudhya Mitsubishi UFJ to buy control of Thailand's Bank of Ayudhya
(35 minutes later)
Japan's Mitsubishi UFJ Financial Group (MUFG) is planning to buy a controlling stake in Thailand's Bank of Ayudhya.Japan's Mitsubishi UFJ Financial Group (MUFG) is planning to buy a controlling stake in Thailand's Bank of Ayudhya.
Japan's biggest lender has agreed to buy a 75% stake in the Thai bank for up to $5.6bn (£3.7bn).Japan's biggest lender has agreed to buy a 75% stake in the Thai bank for up to $5.6bn (£3.7bn).
If the deal goes through it would be the biggest purchase in South East Asia by a Japanese bank.If the deal goes through it would be the biggest purchase in South East Asia by a Japanese bank.
The deal would also see General Electric end its investment in Ayudhya, which goes back to 2007 when it bought a 33% stake in the bank.The deal would also see General Electric end its investment in Ayudhya, which goes back to 2007 when it bought a 33% stake in the bank.
Attracted by bright growth prospects, Japanese financial firms have been expanding in South East Asia.Attracted by bright growth prospects, Japanese financial firms have been expanding in South East Asia.
In May, Sumitomo Mitsui Financial Group's bought a $1.5bn stake in Indonesia's Bank Tabungan Pensiunan Nasional.In May, Sumitomo Mitsui Financial Group's bought a $1.5bn stake in Indonesia's Bank Tabungan Pensiunan Nasional.
The offer from MUFG still needs approval from Thailand's finance ministry, but in a briefing the Japanese bank expressed confidence that the deal would go through.The offer from MUFG still needs approval from Thailand's finance ministry, but in a briefing the Japanese bank expressed confidence that the deal would go through.