03:14 PM EDT, 04/12/2024 (MT Newswires) -- Mitsubishi UFJ Financial Group ( MUFG ) is nearing the acquisition of a 20% stake in HDFC Bank's ( HDB ) HDB Financial unit, media reports said Friday.

The stake will cost about $1.7 billion, Bloomberg reported, citing people familiar with the matter. The Economic Times reported that MUFG is set to buy the stake for $2 billion, according to Reuters.

While negotiations reached the final stages, it's still possible terms will change or that no deal will be reached, Bloomberg said.

"Today, some media reported on our bank's strategic investment in India, but it is not made public from our company or our bank," MUFG said in a statement on its website.

HDFC did not immediately reply to MT Newswires' request for comment.

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