JAKARTA -- MUFG Bank and Sumitomo Mitsui Banking Corp., two Japanese megabanks, are proceeding swiftly with plans to further integrate Indonesian banks into their businesses.
MUFG Bank announced on Friday that it has increased its investment in Bank Danamon Indonesia to 40.0% from its initial holding of 19.9%, after gaining approval from the Financial Services Authority of Indonesia, OJK. It acquired the additional stake from Danamon shareholder Asia Financial Holdings and other affiliated entities for 17.1 trillion rupiah ($1.1 billion), or 8,921 rupiah per share.
