atans1

Jappo banks step up presence in ASEAN region

In Banks, Japan, Vietnam on 29/12/2012 at 10:09 am

This week:

– Mitsubishi UFJ (MUFJ), Japan’s biggest bank, bought a 20%  stake worth US$743m  in state-owned VietinBank, the largest-ever merger or acquisition deal in Vietnam’s banking sector. The deal aims to boost “support for Japanese companies operating in Vietnam”, Bank of Tokyo-Mitsubishi UFJ president Nobuyuki Hirano said, and to tap South-east Asian markets; after seeing its profits tumble this year, like other Jappo banks.

The Japanese bank last month reported profit in the six months to September dived 58 per cent year on year to US$3.6 billion, due partly to declines in stock holdings.

VietinBank, or Vietnam Joint Stock Commercial Bank for Industry and Trade, said State Bank of Vietnam will still own the majority of its shares. For the record, it is Vietnam’s second largest bank by asseys.

– SMFG said it plans to expand its consumer finance business to target the growing middle classes in South-east Asia.

The new Greater East Asia Co-Prosperity Sphere?

BANZAI!

No ASEAN round-up this hols week.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 211 other followers

%d bloggers like this: