Dec 13 Bank of Tokyo-Mitsubishi UFJ, a unit of
Mitsubishi UFJ Financial Group Inc (MUFG), plans to buy
a 20 percent interest in VietinBank from the Vietnamese
government for about 60 billion yen ($725 million), the Nikkei
VietinBank, or Vietnam Joint Stock Commercial Bank for
Industry and Trade, is Vietnam's second-largest partly private
The bank said on Wednesday its 2012 gross profit may fall 11
percent to 7.5 trillion dong ($360 million) instead of rising 7
percent as earlier forecast.
Bank of Tokyo-Mitsubishi UFJ, the core retail and commercial
bank arm of MUFG, hopes to complete the deal in the first half
of next year, the Nikkei said.
It may send staff to the board of the bank, which will
become an equity-method affiliate, the business daily said.
Bank of Tokyo-Mitsubishi UFJ plans to expand services geared
toward Japanese firms in Vietnam, including payments and money
transfers, through a partnership with the bank, the Nikkei said.
This deal is part of Tokyo-Mitsubishi UFG's strategy to form
capital partnerships with major banks in Asia, the daily
($1 = 82.9300 Japanese yen)
(Reporting by Chandni Doulatramani in Bangalore; Editing by