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Finance

MUFG books $2bn loss on Indonesian banking unit

Bank Danamon shares drop to less than half purchase price

Mitsubishi UFJ Financial Group paid roughly $6.2 billion for Bank Danamon, but the lender's market value dropped after its removal from major indexes.   © Reuters

TOKYO -- Mitsubishi UFJ Financial Group said Monday that it will record an impairment loss of 207.4 billion yen ($1.89 billion) this quarter on its acquisition of an Indonesian bank whose stock has plunged since the April deal.

Bank Danamon shares ended Monday -- the last trading day of the October-December quarter -- at 3,950 rupiah, less than half what MUFG paid.

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