KUALA LUMPUR: Mitsubishi UFJ Financial Group’s banking arm The Bank of Tokyo-Mitsubishi UFJ Ltd has sold its entire 412 million CIMB shares or a 4.6 per cent stake in CIMB Group Holdings Bhd via an overnight block trade.
CIMB, in a statement today, said the divestment was part of MUFG's strategic global master plan which included a review of its portfolio of existing investment in affiliates.
MUFG’s Asia and Oceania network spanned 15 countries including Malaysia, where its presence had been enhanced by its capital investment in CIMB, which was made in various stages from 1974 onwards.
Notwithstanding the divestment, both MUFG and CIMB would maintain their current collaboration founded on a mutually beneficial 40-year partnership, CIMB said.
Group chief executive officer Tengku Datuk Seri Zafrul Tengku Abdul Aziz said: “We have had a mutually rewarding relationship over the last 40 years and whilst MUFG's capital priorities have necessitated this move, I am confident our relationship will remain strong. We will continue to be trusted business partners and look forward to further develop our collaboration in complementary areas."
Takayoshi Futae, MUFG’s CEO for Asia & Oceania said as a global financial institution rooted in Asia, it has long been a committed partner to Malaysia’s growth.
Over the years, our alliance with CIMB has deepened and we found ourselves collaborating broadly on areas ranging from Islamic finance and trade finance to infrastructure projects.
“This foundation of mutual respect and partnership will not change, and we will continue to explore further ways to grow in Malaysia with CIMB’s support, as well as to help them expand using MUFG’s global resources and network,” he added.