TOKYO -- Mitsubishi UFJ Financial Group seeks to invest in an Indian nonbank lender affiliated with top local lender HDFC Bank, aiming to capture retail financing demand in the South Asian country's growing economy.
Negotiations are underway to acquire around 20% of shares in HDB Financial Services for 200 billion yen to 300 billion yen ($1.3 billion to $1.96 billion). HDB lends to individuals as well as small and midsize businesses, with a total outstanding loan balance of over 1 trillion yen.
