12 April 2024
Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) is in advanced talks to invest up to $2 billion in non-bank lender HDB Financial Services Ltd, a subsidiary of India’s largest private sector lender HDFC Bank Ltd, sources aware of the development told Moneycontrol.
The proposed investment by MUFG is likely to value the non-bank lender at close to $10 billion, sources said. HDFC Bank holds a 95 percent stake in the NBFC arm. The investment talks with MUFG come ahead of the lender’s proposed initial public offering (IPO).
MUFG’s interest in picking up a substantial stake in HDB Financial Services highlights the Japanese financial institution’s interest in growing its presence in India. Last year, MUFG invested Rs1 ,910 crore in DMI Finance Pvt Ltd, a fintech company providing digital financial services. Emails sent to HDFC Bank and MUFG did not elicit a response till press time.
Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) is in advanced talks to invest up to $2 billion in non-bank lender HDB Financial Services Ltd, a subsidiary of India’s largest private sector lender HDFC Bank Ltd, sources aware of the development told Moneycontrol.
The proposed investment by MUFG is likely to value the non-bank lender at close to $10 billion, sources said. HDFC Bank holds a 95 percent stake in the NBFC arm. The investment talks with MUFG come ahead of the lender’s proposed initial public offering (IPO).
MUFG’s interest in picking up a substantial stake in HDB Financial Services highlights the Japanese financial institution’s interest in growing its presence in India. Last year, MUFG invested Rs1 ,910 crore in DMI Finance Pvt Ltd, a fintech company providing digital financial services. Emails sent to HDFC Bank and MUFG did not elicit a response till press time.
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