MUFJ To Acquire Mandala Multifinance For $467 Million

Mitsubishi UFJ Financial Group announced on Monday that it would acquire Mandala Multifinance, a prominent vehicle loan provider in Indonesia, for 7 trillion rupiah ($467 million) in order to expand its Asian presence and capitalise on emerging market consumer growth.

MUFG Bank, MUFG's major Japanese banking unit, would hold 70.6 percent, while Bank Danamon, MUFG's local banking unit, will control 10%.

Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services firm based in Chiyoda, Tokyo.

As of March 2011, it was Japan's largest financial group and the world's second largest bank holding company, with around US$1.8 trillion (JP148 trillion) in deposits. Mitsubishi and United Financial of Japan are represented by the letters MUFG. MUFG, together with Mitsubishi Corporation and Mitsubishi Heavy Industries, is one of the Mitsubishi Group's "Three Great Houses" with assets of roughly US$3.1 trillion as of 2016.