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Business deals

MUFG Bank to invest over $700m in Singapore's Grab

Ride-hailing unicorn will offer development skills and data for 'super app'

SoftBank Group is a major shareholder in Grab but MUFG hold the biggest stake among financial institutions investing in the Singapore-based ride-hailing company.

TOKYO -- Japan's MUFG Bank will invest up to 80 billion yen ($727 million) in Singapore's ride-hailing leader Grab, the Nikkei has learned.

The two companies will form a partnership aimed at further growth in Southeast Asia, offering new services such as lending and insurance through smartphone apps.

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