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Mitsubishi UFJ Financial Group is considering a bid for PT Bank Pan Indonesia, people familiar with the matter said, as the Japanese banking giant seeks to bolster its presence in Southeast Asia’s biggest economy.

The Tokyo-based bank is working with a financial adviser as it explores a deal to acquire a stake in the Indonesian lender, the people said, asking not to be identified because the matter is private. MUFG could propose combining Panin Bank, as the Jakarta-based lender is known, with its local unit PT Bank Danamon Indonesia as part of the deal, the people said.

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