Mitsubishi UFJ to buy BofA's stake in Japanese banking venture - Bloomberg

Dec 12 (Reuters) - Mitsubishi UFJ Financial Group is set to buy Bank of America Corp's stake in their Japanese private banking venture for 39 billion yen ($470 million), Bloomberg reported, quoting two people with knowledge of the matter.

Japan's biggest bank will own Mitsubishi UFJ Merrill Lynch PB Securities Co after buying the 49 percent, Bloomberg reported. ()

Bank of America's Japanese brokerage unit will continue to provide mutual funds, derivatives and structured products to the private bank even after the sale.

A Bank of America spokesman declined to comment on the report.