MUFJ unit in talks to sell services to Morgan Stanley trust clients
NEW YORK (Reuters) - A U.S. unit of Mitsubishi UFJ Financial Group Inc (8306.T) is in talks to acquire the rights to sell trust-banking services to Morgan Stanley's (MS.N) clients, in the bank's latest bid to expand its business abroad, a source familiar with the matter said on Sunday.
The proposed deal involves Mitsubishi UFJ's Union Bank providing services to trust accounts worth an estimated $4 billion, which Morgan Stanley will continue to manage. Union Bank will earn fees on the trust services it sells, the source familiar with the matter said.
Mitsubishi UFJ is the Wall Street investment bank's biggest shareholder.
The proposed deal is subject to approval from the Office of the Comptroller of the Currency.
Mitsubishi UFJ could not immediately be reached for comment.
In another deal earlier this month, through UnionBanCal - Union Bank's U.S. parent - Japan's biggest bank agreed to pay $3.7 billion for a portfolio of U.S. commercial property loans from Deutsche Bank AG (DBKGn.DE).