TOKYO: Japan's Bank of Tokyo-Mitsubishi UFJ plans to buy 20% of VietinBank from the Vietnamese government for about 60 billion yen (US$720mil), according to a source close to the deal, as Japan's cash-rich big banks expand into fast-growing South-East Asian markets.
The deal by the core retail and commercial bank of Mitsubishi UFJ Financial Group Inc (MUFG) for a stake in Vietnam's second-largest partly private lender will mean all three of Japan's megabanks have a stake in Vietnam's wobbly banking sector.
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