Japan’s Mitsubishi UFJ Financial Group (MUFG) has offloaded its entire 4.6% stake in Malaysia’s CIMB Group Holdings for MYR2.56bn ($610m).

The Japanese firm disposed 412.5 million shares in CIMB at MYR6.15 to MYR6.30 per share.

“The divestment was part of MUFG’s strategic global master plan which included a review of its portfolio of existing investment in affiliates,” the companies said in a joint statement.

MUFG expects the sale to have a minor impact on its financial result for the year ending March 2018.

Despite the stake sale, CIMB would continue to serve as MUFG’s alliance partner in the ASEAN region.

CIMB Group CEO Tengku Dato’ Sri Zafrul Tengku Abdul Aziz said: “We have had a mutually rewarding relationship over the last 40 years and whilst MUFG’s capital priorities have necessitated this move, I am confident our relationship will remain strong. We will continue to be trusted business partners and look forward to further develop our collaboration in complementary areas.”

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