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MUFG takes $3.3bn loss on Southeast Asian bank write-downs

Stock crash sinks value of Indonesian, Thai and Philippine stakes

Stock market turmoil caused by the coronavirus pandemic is set to weigh heavily on MUFG's earnings.   © Reuters

TOKYO -- Mitsubishi UFJ Financial Group is set to book about 360 billion yen ($3.34 billion) in losses in the just-ended fiscal year on stakes in Southeast Asian banks after the coronavirus pandemic battered stock markets.

Japan's biggest banking group announced Tuesday a 212.8 billion yen impairment loss on its investment in Indonesia's Bank Danamon, which MUFG turned into a subsidiary in April 2019.

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