PT Bank Danamon Indonesia Tbk and PT Bank Nusantara Parahyangan Tbk became consolidated subsidiaries of MUFG Bank Ltd. and parent Mitsubishi UFJ Financial Group Inc. ahead of the Indonesian banks' planned merger on May 1.

MUFG Bank Ltd. said it increased its shareholding in Bank Danamon to 94% from 40% and in Bank Nusantara to 99.9% from 7.9%.

The Japanese bank paid a total of 49.620 trillion Indonesian rupiah for the additional 5,174,089,400 Bank Danamon shares, priced at 9,590 rupiah each, and 3.011 trillion rupiah for 736,578,439 Bank Nusantara shares, priced at 4,088 rupiah each.

Bank Danamon will become the surviving entity in the merger.

As of April 26, US$1 was equivalent to 14,166 Indonesian rupiah.