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Report: Mitsubishi UFJ Lease, Tokio Marine unit to sell auto finance biz stake

Japan's Mitsubishi UFJ Lease & Finance Co. Ltd. will sell its 50% stake in MMC Diamond Finance Corp. to Mitsubishi Motors Corp., which owns 47% of the auto financing company, Tokyo's The Nikkei reported March 27.

Tokio Marine & Nichido Fire Insurance Co. Ltd. will also sell its 3% stake in MMC Diamond Finance to Mitsubishi Motors.

The transactions, which are expected to be worth up to ¥6.90 billion, will take effect April 2.

As of March 27, US$1 was equivalent to ¥105.71.