Mitsubishi UFJ Financial to Buy Stake in Philippines' Globe Fintech Innovations for $393 Million-February 2024-www.financetom.com

Mitsubishi UFJ Financial to Buy Stake in Philippines' Globe Fintech Innovations for $393 Million

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Mitsubishi UFJ Financial to Buy Stake in Philippines' Globe Fintech Innovations for $393 Million

Aug 2, 2024 7:44 AM

10:19 AM EDT, 08/02/2024 (MT Newswires) -- Mitsubishi UFJ Financial Group ( MUFG ) said Friday that its MUFG Bank unit will invest $393 million in the Philippines' Globe Fintech Innovations, parent company of the GCash e-wallet.

Globe Fintech said in a separate statement that the investment translates to an 8% stake in Globe Fintech.

The company also said that Ayala, through its AC Ventures Holdings unit, will acquire an additional 8% stake in Globe Fintech.

Ayala said in another statement that the additional stake, which it will buy for about 22.9 billion Philippine pesos ($395.7 million), increases its interest in Globe Fintech to about 13%.

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