CCI approves the acquisition of additional securities of DMI Finance Private Limited by MUFG Bank, Ltd.

Competition Commission of India (CCI) has approved the acquisition of additional securities of DMI Finance Private Limited by MUFG Bank, Ltd. The Proposed Combination envisages acquisition of additional securities of DMI Finance Private Limited (DMI Finance/Target) by MUFG Bank, Ltd. (MUFG Bank/Acquirer), such that MUFG Bank’s shareholding will increase to 20.0% of the share capital of DMI Finance.

MUFG Bank is a prominent banking institution based out of Japan with its headquarters in Marunouchi, Tokyo, Japan. MUFG Bank is wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., which is a financial services and holding company incorporated in Tokyo, Japan. In India, MUFG Bank provides: (i) corporate banking loans; (ii) deposit accounts; (iii) remittances; (iv) trade finance; and (v) bank guarantees.

DMI Finance is a private limited company registered as a middle layer ‘systematically important non-deposit accepting’ Non-Banking Financial Company with the Reserve Bank of India. It is engaged in the provision of loans and lending services in India including the provision of personal loans, loans to micro, small and medium enterprises and consumption loans.

Detailed order of the Commission will follow.