November 10, 2017 / 2:48 AM / a year ago

Indonesian regulator confirms Japan’s MUFG eyeing Bank Danamon stake

FILE PHOTO: Japan's national flag is seen behind the logo of Mitsubishi UFJ Financial Group Inc (MUFG) at its bank branch in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo

JAKARTA (Reuters) - Indonesia’s financial services authority (OJK) confirmed on Friday that Mitsubishi UFJ Financial Group (MUFG) (8306.T) is interested in buying a stake in Bank Danamon Indonesia (BDMN.JK)

“Yesterday I called the bank’s management and contacted Temasek and indeed it’s MUFG that is looking at Danamon,” Heru Kristiyana, a commissioner at OJK, told reporters.

“It’s normal. What’s important is how we push them to make a real contribution to our economy,” Kristiyana said.

MUFG, through its core unit Bank of Tokyo-Mitsubishi UFJ, intends to buy Danamon shares worth around $1.75 billion (1.33 billion pounds) from Singapore state investor Temasek Holdings TEM.UL, a major shareholder, two sources told Reuters on Thursday.

Reporting by Hidayat Setiaji; Editing by Stephen Coates

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