Japan's Mitsubishi UFJ Financial Group (MUFG) has agreed to purchase a controlling stake in Thailand's Bank of Ayudhya Pcl for up to 560 billion yen ($5.61 billion) as Japanese lenders expand into fast-growing Southeast Asian economies to beat slower growth at home.MUFG's purchase of up to 75 percent of Thailand's fifth largest lender would be the biggest acquisition by a Japanese bank in Southeast Asia. It also ends General Electric Co's six-year-old investment in Ayudhya, with GE raising $2.41 billion by selling its stake in the Thai bank in two tranches.The deal requires approval from Thailand's finance ministry as foreign ownership in domestic banks is capped at 49 percent. MUFG told a briefing it believes Bangkok would "take a favourable view" and said it was considering merging its Thai operations with Ayudhya to comply with Thailand's single presence policy on bank ownership.MUFG has sizable operations in Japanese corporations in Thailand, where Toyota Motor Corp and other conglomerates own manufacturing plants.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU remained unchanged at $6.33. In the past year, the shares have traded as low as $4.24 and as high as $7.31. On average, 4369690 shares of MTU exchange hands on a given day and today's volume is recorded at 0.
TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. Shares of TM remained unchanged at $123.02. In the past year, the shares have traded as low as $72.04 and as high as $130.99. On average, 741750 shares of TM exchange hands on a given day and today's volume is recorded at 10551.
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