MUFG Sells Its 10% Stake in Dah Sing Financial to Norinchukin Bank

Japan's Norinchukin Bank bought about a 10% stake in Hong Kong's Dah Sing Financial Holdings Ltd. from Mitsubishi UFJ Financial Group (MUFG), as part of business tie up.

A Norinchukin spokeswoman on Friday confirmed the bank's acquisition of the shares, which was reported earlier by Nikkei, but declined to elaborate on the terms of the deal.

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In a statement, Norinchukin said it made a business cooperation agreement with Dah Sing's banking unit and that the firms plan to work together on syndicated loans and M&A advisory.

MUFG has sold "a portion" of the Dah Sing stock it owns and will sell the remaining 319,575 shares on the market during the fiscal year ending March 2023, it said in a statement Friday. 

Source: Bloomberg