MUFG to buy BofA's stake in Japan private banking venture

TOKYO Thu Dec 13, 2012 3:56am EST

TOKYO Dec 13 (Reuters) - Mitsubishi UFJ Financial Group said on Thursday it will buy Bank of America Corp's stake in their Japanese private banking venture.

Japan's biggest bank will become outright owner of Mitsubishi UFJ Merrill Lynch PB Securities Co, the private banking venture formed in 2006 by MUFG and Merrill Lynch to tap high net worth individuals, after buying a 49 percent stake from BofA.

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