Japan's MUFG says agrees to buy $5.61 bln stake in Bank of Ayudhya
TOKYO, July 2
TOKYO, July 2 (Reuters) - Mitsubishi UFJ Financial Group (MUFG) said on Tuesday it had agreed to buy up to 75 percent of Bank of Ayudhya Pcl, Thailand's fifth-largest lender, in a deal worth 560 billion yen ($5.61 billion).
The Japanese lender also said it was considering merging its Thai operations with those of Bank of Ayudhya, in which General Electric Co. has a stake, to meet Thailand's single presence policy on bank ownership. MUFG has sizable operations in Japanese corporations in the Southeast Asian country.