TOKYO, Nov 9 (Reuters) - The core unit of Mitsubishi UFJ Financial Group (MUFG) is looking at buying a stake of about 40 percent in Bank Danamon Indonesia for around $1.75 billion as part of its plans to expand in Southeast Asia, the Nikkei business daily reported.
Bank of Tokyo-Mitsubishi UFJ’s board decided on Wednesday to begin negotiations with Indonesia’s fifth-largest bank and Singapore’s Temasek Holdings, a major shareholder, and the bank is looking to take a majority stake in the future, the newspaper said, without citing sources.
A MUFG representative was not immediately available for comment.
Based in Jakarta, Bank Danamon offers retail and corporate banking services.
Japan’s largest financial group has expanded its presence in southeast Asia in recent years, and holds stakes in Vietnam’s Vientinbank, Thailand’s Bank of Ayudhya and Security Bank Corp of the Philippines. ($1 = 114.0000 yen) (Reporting by Naomi Tajitsu; Editing by Edwina Gibbs)