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Bank of Tokyo-Mitsubishi closes purchase of Security Bank stake

Bank ofTokyo-Mitsubishi UFJ Ltd. said April 1 that it completed itsacquisition of anapproximately 20% stake in the Philippines' Security Bank Corp. for 36.94 billion pesos.

Security Bank said separately that two Bank ofTokyo-Mitsubishi nominees, Takayoshi Futae and Takahiro Onishi, were elected asdirectors to its board, effective April 1. They will Jose Facundo and Rafael SimpaoJr.

In addition, Onishi was appointed as executive vicepresident for Security Bank's alliance segment, effective April 18.

Futae is the managing executive officer in charge ofJapanese corporate credit at Bank of Tokyo-Mitsubishi, while Onishi was deputygeneral manager for global corporate banking.

The Philippine bank added that Bank of Tokyo-Mitsubishi'sinvestment increased its shareholder capital to 90.2 billion pesos pro forma asof April 1, from 53.2 billion pesos at the end of 2015. The bank will use theadditional capital to accelerate the execution of its growth strategies.

Bank of Tokyo-Mitsubishi is a unit of

As of March 31, US$1was equivalent to 45.91 Philippine pesos.