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September 22, 2010

MUFG seeks stake in Asia bank for growth

World

REUTERS
September 22, 2010

TOKYO: Mitsubishi UFJ Financial Group, Japan’s biggest bank by assets, is looking to buy a 15-20 percent stake in a bank in South Korea, Australia or Indonesia to tap the region’s growing economy, a senior executive said.
Tatsuo Tanaka, chief executive of global banking at Bank of Tokyo-Mitsubishi UFJ, the firm’s core banking unit, told Reuters on Tuesday that the bank was also eyeing five to seven midsize and 10-20 small US banks for possible acquisitions.
He added that the bank would wait for more clarity on BaselIII capital rules before it goes after a bigger bank.
“In Asia, we are always looking for a target. Not necessarily to acquire but to take a stake,” Tanaka said. “We want to build relationships first as we search for a target.”

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