Bank of Tokyo-Mitsubishi UFJ, the commercial banking division of Mitsubishi UFJ Financial Group, will acquire a 20 per cent stake in Security Bank Corp for 36.39bn Philippine peso (approximately $783m) in a deal scheduled to close later this year. Security Bank is the Phillipines' fifth largest banking institution by market value. The acquisition will be the largest investment by a foreign company in the Phillipines' banking sector on record, and marks one of the first international forays into the market since the Phillipines relaxed its financial sector investment rules in June 2014 to allow for full ownership by foreign companies. Allen & Overy's cross-boarder team for the deal included Simon Black in Tokyo, Alun Evans in Singapore and David Norman in Hong Kong, while PSJLaw partner Ramil E. Bugayong oversaw the deal for the firm. Source: Asian Legal Business