Japan's MUFG picks up stake in Philippine consumer lender

FILE PHOTO - People walk past a branch of Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter/File Photo

Japan’s MUFG Bank is making further inroads into the Philippines with plans to pour roughly 5 billion yen ($47.2 million) into consumer finance company SB Finance.

The Mitsubishi UFJ Financial Group banking subsidiary is making the investment through group member Bank of Ayudhya of Thailand. It will gain a 50% stake in the Philippines’ No. 4 provider of unsecured consumer loans by balance.

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