Mitsubishi UFJ Group will sell its remaining stake in local Hong Kong lender Dah Sing amid the Japanese banking giant's ongoing Asian expansion.
MUFG has sold a portion of its stake in Dah Sing Financial Holdings and will sell the remaining on the market during the fiscal year ending March 2023, according to a statement.
Japan’s largest bank first cut its stake in the Hong Kong lender in 2019 and said at the time that it would continue to review its existing investments. Prior to the latest sale, MUFG owned around 10 percent of Dah Sing, according to Bloomberg data.
Founded in 1947, Dah Sing is one of the longest-standing local lenders in Hong Kong. According to its financial results, Dah Sing Financial Holdings generated more than HK$1.3 billion ($167 million) in profits attributable to shareholders in 2021, up 13 percent year-on-year.
Elsewhere in Asia, MUFG continues to aggressively expand with about $15 billion spent on stakes in banks across Indonesia, Thailand, Vietnam and the Philippines in recent years. Last week, it said it would buy Nomura's securities unit in Thailand for 5.5 billion baht ($154 million).
