Toyota Said to Plan Strategic Share Buybacks From MUFG, SMFG (1)

Toyota Motor Corp. is set to announce the buyback of its own shares from major Japanese banks and insurers as part of a ¥1 trillion repurchase plan and a broader program to unwind strategic shareholdings with financial partners, people with knowledge of the matter said.

Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will start divesting their stakes in Toyota, said the people, who asked not to be identified because the information isn’t public. Tokio Marine Holdings Inc. and MS&AD Insurance Group Holdings Inc. are set to announce the sale of their shares as well, the people ...