MUFG's Talks for Stake in India Consumer Lender Said to Hit Snag [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
Company Research
Source: BNN Bloomberg
While MUFG is still interested in HDB Financial Services Ltd., the talks may face further delays or even fall apart, the people said, asking not to be identified because the matter is private. HDFC could consider an initial public offering of the consumer lending unit as an alternative, one of the people said. No final decisions have been made and negotiations could get back on track if the Japanese lender is offered a significant say in HDBF's business strategy, according to the people. A representative for MUFG declined to comment. HDFC Bank didn't immediately respond to a request seeking comment. MUFG has been seeking to build its presence in India, where HDBF offers services such as personal, gold and auto loans. Bloomberg News reported earlier this year that MUFG, Japan's biggest lender, was in talks for a 20% stake for about $1.7 billion. MUFG has considered sweetening its offer, people familiar with the matter have said. Facing sluggish growth at home, Japanese lenders
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SMFG
Sec Filings
- 7/5/24 - Form 6-K
- 7/3/24 - Form 424B2
- 7/3/24 - Form 424B2
- SMFG's page on the SEC website