Japan's biggest bank eyes PH acquisitions

Posted at 02/28/14 2:39 PM

MANILA, Philippines - Japan's biggest bank Mistubishi UFJ Financial Group is mulling acquisitions in the Philippines and Indonesia to expand its overseas business.

"If we have to choose a couple of countries in Asia, I would say I would really seriously consider the opportunities in Indonesia and the
Philippines," Mitsubishi UFJ deputy president Masaaki Tanaka told Bloomberg.

He said there are business growth opportunities in the two countries, although the lender is not in talks with any particular company.

Bloomberg reports Japanese banks are seeking acquisitions outside their home country, where falling lending rates have led to the lowest interest margins in Asia.

Last December, Mitsubishi UFJ completed the purchase of a controlling stake in a Thailand bank. - ANC