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Jakarta Post

OJK open to talks with Japanese lenders

  • Winny Tang

    The Jakarta Post

Jakarta   /   Thu, January 4 2018   /  01:30 am

The Financial Services Authority (OJK) has said it is open to discussing plans by major Japanese lenders Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG) to acquire stakes in Indonesian banks.

The OJK, however, has yet to approve the plans as the Japanese banks have not officially informed the financial regulator about them.

“They were still just plans. If they really wanted to acquire shares of more than 40 percent [in local banks], come to us and explain the reason why,” OJK chairman Wimboh Santoso told reporters during an event on Tuesday.

Japan’s largest lender MUFG acquired last Friday 19.9 percent shares of publicly listed lender Bank Danamon in a deal worth Rp 15.87 trillion (US$1.17 billion). The purchase was the initial step.

In its second step, MUFG intends to acquire an additional 20.1 percent to boost its stak...