Japan banks to begin divesting their strategic Toyota shareholdings, Bloomberg reports

TOKYO, June 7 (Reuters) – Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota Motor (7203.T), opens new tab – worth a combined $8.5 billion – and will seek to sell into the automaker’s planned share buybacks, Bloomberg News reported on Friday, citing sources.

Mitsubishi UFJ Financial Group (8306.T), opens new tab (MUFG) and Sumitomo Mitsui Financial Group (8316.T), opens new tab (SMFG) have said they plan to sell down their cross-shareholdings over time. They declined to comment on the report.