Mitsubishi UFJ unit to acquire 49% stake in VietinBank Leasing

Da Nang, Vietnam. Photo: Unsplash

Japan’s Mitsubishi UFJ Lease & Finance Company Limited (MUL) will acquire a 49 per cent equity interest in VietinBank Leasing Company Limited, according to an announcement.

VietinBank Leasing is a wholly owned subsidiary of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), the country’s fourth-largest bank by market capitalisation. Established in 1998, the leasing company had a charter capital of 1 trillion dong ($43 million) and total assets of 3.03 trillion dong ($130.8 million) as of May 29, 2020.

On Monday, the board of VietinBank approved the sale of a 49 per cent stake in its leasing unit to MUL and another 1 per cent to a local investor. The Vietnamese bank continues to own the rest of the subsidiary.

The stake sale in its leasing unit follows VietinBank’s divestment of a remaining 4.91 per cent stake in Saigonbank for Industry and Trade for 303.5 billion dong ($13.1 million) last year.

Through its investment in VietinBank Leasing, MUL plans to expand its operations to Vietnam. The company’s portfolio of services includes consumer lending, asset financing, trading of used equipment, insurance operations and real estate securitization.

MUL’s principal shareholders include Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi Corporation.

MUFG is also the largest foreign shareholder in VietinBank. In 2018, it was reportedly looking to increase its ownership from the current 19.7 per cent to 50 per cent in the Vietnamese lender.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.