CIMB Group Holdings Berhad ("CIMB" or "the Group") today announced that Mitsubishi UFJ Financial Group’s (“MUFG”) banking entity, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) had sold its entire stake of 412 million CIMB shares (equivalent to a 4.6% stake) via an overnight block trade. 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 & Oceania network spanned 15 countries, including Malaysia, where MUFG’s 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.
Tengku Dato’ Sri Zafrul Tengku Abdul Aziz, Group Chief Executive, CIMB Group, 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."
Mr. Takayoshi Futae, MUFG’s CEO for Asia & Oceania said: “As a global financial institution rooted in Asia, we have 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.”