Mitsubishi UFJ buys stake in Philippine's Security Bank

The Bank of Tokyo-Mitsubishi UFJ, the commercial banking arm of Mitsubishi UFJ Financial Group, agreed to a 20% stake in Philippine lender Security Bank. The stake will increase the Japanese presence in the Southeast Asia free trade area after investments in Thailand and Vietnam.

Security Bank is the Philippine's seventh-largest lender by assets. The deal is expected to increase its capital to 89.3 billion pesos from 52.4 billion.

Read more at Financial News