Market Chatter: Mitsubishi UFJ Weighing Improved Offer for 20% Stake in HDFC Bank's Indian Unit-February 2024-www.financetom.com

Market Chatter: Mitsubishi UFJ Weighing Improved Offer for 20% Stake in HDFC Bank's Indian Unit

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Market Chatter: Mitsubishi UFJ Weighing Improved Offer for 20% Stake in HDFC Bank's Indian Unit

Apr 22, 2024 7:50 AM

10:28 AM EDT, 04/22/2024 (MT Newswires) -- Mitsubishi UFJ Financial Group ( MUFG ) is considering improving its $1.7 billion offer for a minority stake in HDFC Bank's ( HDB ) consumer lending unit in India, Bloomberg News reported Monday, citing unnamed sources familiar with the matter.

Mitsubishi UFJ has been seeking a 20% stake in HDB Financial Services, Bloomberg reported on April 12. A deal hinges on valuation and Mitsubishi potentially having a say in strategy, according to the report.

The two sides are seeking to reach an agreement in about a month but talks are ongoing and could face delays or not lead to a deal, Bloomberg reported.

Mitsubishi UFJ Financial ( MUFG ) to comment, while HDFC Bank ( HDB ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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