The Bank of Tokyo-Mitsubishi UFJ, announced it has sold its shares in Malaysian-based universal banking group CIMB.
MUFG, which has $2.8 trillion in assets, has been reviewing its investment portfolio, especially the small stakes held in overseas banks which it had acquired in the past few years, as it sought to build its network in the ASEAN region.
The Bank of Tokyo-Mitsubishi UFJ, (The Bank) a consolidated subsidiary of Mitsubishi UFJ Financial Group (MUFG) said in a press release it was proceeding with what it called «Optimization of capital management in the face of tightened international financial regulations and changes in business environment.»
Minor Impact
Although The Bank has now decided to sell the Shares after deliberate consideration based on changes in business environment surrounding MUFG and The Bank, The Bank is currently collaborating with CIMB in broad-ranging areas and there will be no change in the status of CIMB as one of our alliance partners in ASEAN region.
The disposal of the shares could be worth up to $620 million. The impact of this sale of shares on financial results of MUFG and The Bank for the year ending March 2018 will be minor.
