MUFG exits CIMB

Headed by group chief executive officer and executive director, Tengku Datuk Seri Zafrul Abdul Aziz(filepic), the group is on track for a recovery after it was dragged down by its overseas operations in the last two years. It has launched a group-wide exercise to reduce cost and monetise its assets better with joint ventures with foreign financial houses.

PETALING JAYA: Mitsubishi UFJ Financial Group (MUFG), a long-time shareholder in CIMB Group Holdings Bhd, is divesting its interest in the second-largest financial institution in Malaysia.

The Japanese banking group has offered to sell its entire 412.5 million shares in CIMB – held through Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) – at RM6.15 to RM6.30 apiece, according to sources.