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Business deals

Japan's MUFG to buy credit companies in Philippines, Indonesia

Mitsubishi will purchase Home Credit's local affiliates for 600m euros

Mitsubishi UFJ Financial Group, Japan's largest bank, is hoping to gain a foothold in fast-growing consumer loan businesses in Southeast Asia.

TOKYO -- Mitsubishi UFJ Financial Group, Japan's largest bank, is buying credit companies in the Philippines and Indonesia for a total of 600 million euros ($618 million), aiming to gain a foothold in fast-growing consumer loan businesses in Southeast Asia, Nikkei has learned.

Through Bank of Ayudhya, the group's Thai subsidiary, Mitsubishi will acquire the local affiliated companies of Dutch consumer credit company Home Credit in both countries in transactions it hopes to complete in 2023. Mitsubishi will get full control of the Philippine entity and a 85% stake in the Indonesian company.

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