Mitsubishi UFJ Financial Group Inc (MUFG), Japan's largest bank by assets, has sold its entire stake of 412 million shares in Malaysia's second largest bank CIMB Group.
CIMB told Malaysia's stock exchange on Wednesday that MUFG's banking entity, the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), had sold the stake, which is equivalent to 4.6 percent, via an overnight block trade.
Although the statement did not reveal the deal price, according to a term sheet reviewed by Xinhua, the final deal is 610.4 million U.S. dollars, which is equivalent to 6.20 ringgit per share.
According to CIMB's statement, the divestment was part of MUFG's strategic global master plan which included a review of its portfolio of existing investment in affiliates.
Despite the divestment, both MUFG and CIMB would maintain their current collaboration founded on a mutually beneficial 40-year partnership, it added.
"We will continue to be trusted business partners and look forward to further developing our collaboration in complementary areas," CIMB's chief executive officer Zafrul Aziz said, adding both parties had a mutually rewarding relationship over the last 40 years.
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