Mitsubishi UFJ Group has sold a portion of its stake in Hong Kong lender Dah Sing Financial Holdings and will sell the remaining on the market during the fiscal year ending March 2023. Prior to the latest sale, MUFG owned around 10% of Dah Sing. Founded in 1947, Dah Sing is one of the longest-standing local lenders in Hong Kong. Dah Sing Financial Holdings generated more than HKD1.3bn (USD167m) in profits attributable to shareholders in 2021, up 13% year-on-year. Elsewhere in Asia, MUFG continues to aggressively expand with about USD15bn spent on stakes in banks across Indonesia, Thailand, Vietnam, and the Philippines in recent years. Last week, it said it would buy Nomura's securities unit in Thailand for THB5.5bn (USD154m).
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