Japan’s biggest bank, Mitsubishi UFJ Financial Group (MUFG) (8306.T), is on the lookout for acquisition opportunities in the United States and Indonesia as it pursues its goal of becoming a global financial powerhouse, the head of its core unit said.
“As a global commercial bank, the United States and Asia are our base,” said Bank of Tokyo-Mitsubishi UFJ (BTMU) president Takashi Oyamada, told Reuters in an interview. He didn’t say how much the bank plans to spend on potential new acquisitions.
“In terms of growth potential and demographic characteristics, (the next target) is Indonesia. We are looking for acquisition opportunities there,” Oyamada said, without specifying any targets.
Assets up for grabs in Indonesia include Australia and New Zealand Banking Group Ltd’s (ANZ.AX) 39 percent stake in PT Bank Pan Indonesia Tbk (PNBS.JK). Singapore state investor Temasek Holdings has already tried to sell its stake in Indonesia’s Bank Danamon (BDMN.JK). Read more