Mitsubishi UFJ Financial Group Inc. (8306) expressed interest in buying a stake in Bank of Ayudhya Pcl from General Electric Co. (GE), which has yet to give an offer for the Thai lender, said an executive from Japan’s biggest bank.
“We expressed our interest but it hasn’t reached the discussion stage yet,” Takashi Morimura, deputy president and group CEO of global banking at lending unit Bank of Tokyo- Mitsubishi UFJ Ltd., said in an interview today.
Mitsubishi UFJ won bidding to buy GE’s 25.3 percent stake in Bank of Ayudhya, the Kao Hoon newspaper reported on Dec. 24. The Japanese bank is expanding in Southeast Asia amid tepid loan demand at home, last month announcing plans to buy 20 percent of Hanoi-based VietinBank (CTG) for 15.5 trillion dong ($743 million).
“Our name was well received but at this stage we haven’t received a firm offer” from GE, Morimura said in Hong Kong.
To contact the reporter on this story: Kana Nishizawa in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com