TOKYO/SINGAPORE: Mitsubishi UFJ Financial Group said on Monday it was buying Indonesian auto loan provider Mandala Multifinance for 7 trillion rupiahs to deepen its Asian presence and tap consumption growth in emerging markets.
The Mandala acquisition will help MUFG expand its auto loan business in Indonesia, which the Japanese bank has built through Adira Dinamika Multi Finance, a car loan unit of MUFG's Indonesian banking unit, Bank Danamon. MUFG considers Indonesia to be particularly important because it boasts the largest gross domestic product in Southeast Asia, with high growth expected in future, the banking group said in a statement.
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