Mitsubishi UFJ Lease and Finance to acquire 49% stake in VietinBank Leasing
TOKYO, NNA – Mitsubishi UFJ Lease and Finance Co. will acquire a 49 percent stake in a leasing arm of major state-backed commercial lender VietinBank as part of its efforts to expand in Southeast Asia.
The major leasing company in Japan plans to buy the share in VietinBank Leasing Co., a wholly owned subsidiary of Vietnam Joint Stock Commercial Bank for Industry and Trade. The deal is subject to approval from the State Bank of Vietnam, the central bank, a spokesman in Tokyo told NNA Monday.
After the share purchase, one of the four largest state-backed lenders will hold a 50 percent stake in the local peer with registered capital of 1 trillion dong ($43 million), while a local firm will have the remaining 1 percent, according to Kenichiro Ota, the spokesman.
“VietinBank has a strong customer base of more than 10,000,” Ota told NNA when the company announced the deal in late June. The Japanese leasing firm will share expertise in operations and customer service in foreign markets to cater to the needs mainly of factories affiliated with Japanese companies, he added.
In Vietnam, the company opened a representative office in Ho Chi Minh City in 2008 and has leased aircraft to local budget carrier VietJet Air, according to the spokesman.
In Southeast Asia, the Japanese leasing firm already has local units in Indonesia, Singapore and Thailand.