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Nov 29, 2012

MUFG, CIMB submit offers for GE’s $1.5 billion Thai bank stake: sources

By Taiga Uranaka and Saeed Azhar

(Reuters) – Japan’s biggest bank, Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research, Stock Buzz), is among the first round bidders for General Electric’s (GE.N: Quote, Profile, Research, Stock Buzz) $1.5 billion stake in Thailand’s fifth-largest lender, Bank of Ayudhya BAY.BK, sources told Reuters on Thursday.

Suitors of GE’s Thai bank stake are seeking a foothold in one of Asia’s fastest growing economies. They are expected to seek full control of the bank, which is also Thailand’s No. 1 retail bank with a $5.9 billion market value.

Nov 29, 2012

MUFG, CIMB submit offers for GE’s $1.5 bln Thai bank stake-sources

Nov 29 (Reuters) – Japan’s biggest bank, Mitsubishi UFJ
Financial Group, is among the first round bidders for
General Electric’s $1.5 billion stake in Thailand’s
fifth-largest lender, Bank of Ayudhya, sources told
Reuters on Thursday.

Suitors of GE’s Thai bank stake are seeking a foothold in
one of Asia’s fastest growing economies. They are expected to
seek full control of the bank, which is also Thailand’s No. 1
retail bank with a $5.9 billion market value.

Nov 14, 2012

Japanese bank balance sheets saddled with heavy equity losses

TOKYO, Nov 14 (Reuters) – Japan’s three mega banks posted
earnings that were dragged down by heavy losses on their equity
portfolios, renewing investor concerns about the practice of
lenders holding stakes in clients including the country’s
money-losing electronics makers.

Combined stock-related losses at Mitsubishi UFJ Financial
Group (MUFG), Mizuho Financial Group and
Sumitomo Mitsui Financial Group (SMFG) more than
tripled in April-September from a year earlier as the benchmark
Nikkei average declined 12 percent over the six-month period.

Nov 9, 2012

Japan’s big banks expand into global aircraft financing, leasing

TOKYO (Reuters) – Cash-rich Japanese banks are rushing into aircraft finance in the hope of getting fatter profit margins than straight corporate loans.

Banks including Sumitomo Mitsui Financial Group Inc (SMFG) (8316.T: Quote, Profile, Research, Stock Buzz) and Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz) are also venturing into aircraft leasing as more airlines opt out of owning fleets in favor of leaner balance sheets.

Sep 7, 2012

Banks hammer out Sharp refinancing before Hon Hai deal – sources

TOKYO (Reuters) – Banks are hammering out a refinancing plan for embattled Sharp Corp (6753.T: Quote, Profile, Research) without waiting for Hon Hai Precision Industry Co Ltd (2317.TW: Quote, Profile, Research) to lend a helping hand through a stalled equity investment, sources at the lenders said.

A floor under its finances would ease the pressure on Sharp to accept an agreement that would make Hon Hai its largest shareholder and give it a say in its management. The pressure will now come from banks eager to see the century-old Japanese firm return to profit through deep cost cuts and improved productivity.

Sep 7, 2012

Banks hammer out Sharp refinancing without Hon Hai deal-sources

TOKYO, Sept 7 (Reuters) – Banks are hammering out a
refinancing plan for Sharp Corp without waiting for Hon
Hai Precision Industry Co Ltd to agree to buy a stake
in its struggling Japanese partner, sources at the lenders said,
as talks between the Apple Inc suppliers pause.

Mizuho Financial Group Inc and Mitsubishi UFJ
Financial Group Inc are aiming to arrange financing of
as much as 300 billion yen ($3.8 billion) for Sharp by as early
Sept. 20 in return for cost-cutting pledges and asset sales, two
sources told Reuters on condition they were not identified.

Jul 31, 2012

MUFG profit plunges, while Mizuho surges in Q1

TOKYO, July 31 (Reuters) – Mitsubishi UFJ Financial Group
on Tuesday reported a 64 percent decline in its
financial first quarter, hurt by impairment losses on its stock
portfolio and the effect of a hefty one-time gain from its stake
in Morgan Stanley booked a year earlier.

Japan’s largest bank by assets and its rivals suffered sharp
falls in the value of their equity holding in a market slump
during the April-June period. The big banks, following
traditional Japanese business practice, hold massive portfolios
of their clients’ stock.

Jul 18, 2012

HSBC puts Vietnam insurance business up for sale: sources

By Denny Thomas and Taiga Uranaka

(Reuters) – HSBC Holdings has put its Vietnam insurance business on the block, sources said, in a deal that could fetch about $400 million for Europe’s biggest bank as it pushes to exit non-core operations globally.

HSBC is seeking buyers for its 18 percent stake in government-controlled Baoviet Holdings, the country’s top insurer, and is in talks with Japan’s Sumitomo Life for a potential deal, the sources, who had direct knowledge of the matter, told Reuters.

Jul 16, 2012

Manulife, Korea Life bid for ING assets: sources

HONG KONG/TOKYO (Reuters) – Japanese group Dai-ichi Life Insurance (8750.T: Quote, Profile, Research, Stock Buzz), Korea Life Insurance (088350.KS: Quote, Profile, Research, Stock Buzz), and Canadian peer Manulife (MFC.TO: Quote, Profile, Research, Stock Buzz) have submitted final round bids for parts of ING’s (ING.AS: Quote, Profile, Research, Stock Buzz) Asian business, sources familiar with the matter told Reuters.

Binding bids for Dutch lender ING’s Asian insurance and asset management operations, valued at about $7 billion, were due Monday.

Jul 16, 2012

Dai-ichi, Korea Life bid for ING’s SE Asia business

HONG KONG/TOKYO (Reuters) – Japan’s Dai-ichi Life Insurance Co Ltd (8750.T: Quote, Profile, Research, Stock Buzz) and Korea Life (088350.KS: Quote, Profile, Research, Stock Buzz) were first out of the blocks to submit second-round bids on Monday for ING’s (ING.AS: Quote, Profile, Research, Stock Buzz) insurance operations in Southeast Asia, as the Dutch insurer moves to divest it Asian operations.

Binding bids for ING’s Asian insurance and asset management operations are due on Monday and a wide range of suitors, from the son of Asia’s richest man and a former rugby player in New Zealand to more established players including AIA Group (1299.HK: Quote, Profile, Research, Stock Buzz) and Manulife Financial Corp (MFC.TO: Quote, Profile, Research, Stock Buzz), are expected to place offers in a deal worth about $7 billion.