assets mufg: MUFG's recent transactions include its purchase of an additional stake in PT Bank Danamon Indonesia and an agreement to buy Commonwealth Bank of Australia's asset management unit, according to The Japan Times. At the same time, MUFG has been selling holdings in companies such as Standard Life Aberdeen PLC and Brazil's Banco Bradesco SA to improve the efficiency of its investments and free up capital. The assets MUFG bought from Germany's second-largest bank, held by its subsidiary DVB Bank, include a loan portfolio of 5.6 billion 710 billion as well as the unit's employees and parts of the operating infrastructure, according to news releases from both banks on Friday. ; The deal is the latest for Japan's biggest bank in a spate of acquisitions abroad as it seeks to make up for diminishing returns in a country that's beset by rock-bottom interest rates and slow economic growth. It's a move in the right direction, said Toyoki Sameshima, a senior bank analyst at SBI Securities in Tokyo. My overall impression is positive. MUFG has been shifting assets to more profitable areas.
(news.financializer.com). As
reported in the news.
Tagged under assets mufg, commonwealth bank topics.