Japanese banks seek M&A deals overseas

Japan's biggest banks pursued mergers and acquisitions (M&A) of local and foreign fintech firms in the second half of 2024 in search of better revenue, as the yen sank to a 34-year low amidst relaxed regulations.

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In November 2024, MUFG announced its bid to acquire all common shares of WealthNavi, Japan's biggest wealth management roboadvisor with more than $8.6b (JPY1.3t) in assets under management, for about $661.85m at an 89% premium.

Three months earlier, MUFG bought an 8% stake in Globe Fintech Innovations, the operator of Philippine e-wallet giant GCash, for $393m.

Its investment helped push up the valuation of GCash - the Philippines' largest e-wallet with over 80 million users -to $5b.

In June, MUFG served as the lead investor in Thai fintech unicorn Ascend Money's $195m fundraising move. MUFG was not the only Japanese megabank involved in stake purchases in late 2024.