Japan's Bank of Tokyo-Mitsubishi UFJ plans to purchase 20 percent of VietinBank from the Vietnamese government for about 60 billion yen ($720 million), a source close to the deal said, as Japan's cash-rich big banks expand into fast-growing Southeast Asian markets.The deal by the core retail and commercial bank of Mitsubishi UFJ Financial Group Inc (MUFG) for a stake in Vietnam's second-largest partly private lender will mean all three of Japan's megabanks have a stake in Vietnam's wobbly banking sector.It also highlights an overseas buying spree by Japanese firms fuelled by a strong yen, abundant cash and limited growth opportunities at home. Japanese firms have spent a record $83.8 billion on outbound mergers and acquisitions this year, one fifth more than a year ago and the highest in Asia, according to Thomson Reuters data.Bank of Tokyo-Mitsubishi UFJ hopes to complete the deal in the first half of next year, the source said.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU remained unchanged at $4.55. In the past year, the shares have traded as low as $4.03 and as high as $5.36. On average, 1037470 shares of MTU exchange hands on a given day and today's volume is recorded at 2518786.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 1.54% or $0.44/share to $29.10. In the past year, the shares have traded as low as $25.28 and as high as $30.66. On average, 824111 shares of TRI exchange hands on a given day and today's volume is recorded at 1150276.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 1.49% or $0.42/share to $28.70. In the past year, the shares have traded as low as $26.10 and as high as $30.25. On average, 921508 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 881063.
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