Japan's Mitsubishi hopes to acquire Indonesian, Philippine banks

Japan's BTMU is looking to offset its stagnant domestic market by acquiring an Indonesian bank.

This would be the Japanese bank's second acquisition of an Indonesian bank.

Bank of Tokyo-Mitsubishi UFJ acquired a 20 percent stake in Bandung-based Bank Nusantara Parahyangan in 2007.

Takashi Morimura, deputy president and group CEO of global banking and lending unit of BTMU, said that the Tokyo-based lender is keeping its strategic focus in Asia when it comes to expansion.

It is also looking to buy banks in the Philippines, Morimura said, although he admits that there are no discussions with local lenders yet.

“We’re trying to enhance our network and commercial banking business so if there’s a good target and the timing is good, we would like to do it as soon as possible,” Morimura said.

For more.