May 9 Mitsubishi UFJ Financial Group Inc
, Japan's biggest lender, is considering bidding for the
corporate trust arm of Bank of New York Mellon Corp,
Bloomberg reported on Friday citing unidentified people with
knowledge of the matter.
MUFG could pay at least $2.5 billion for the unit, which
helps companies process payments on their debt, Bloomberg
A spokesman for MUFG declined to comment. Officials at BNY
Mellon were not immediately available for comment outside
regular U.S. business hours.
BNY Mellon, the world's largest custody bank, was working
with Goldman Sachs Group to find buyers for the corporate
trust arm, according to reports last month.
MUFG has been accelerating its drive to grow its footprint
outside of Japan in recent years because the country's aging
population offers dimmer growth prospects than countries abroad.
Reuters reported in January that MUFG was on the hunt to
acquire a bank or branch network to reach its goal of becoming
one of the 10 largest U.S. banks by 2016.
(Reporting by Supriya Kurane in BANGALORE and Taiga Uranaka in
TOKYO; Editing by Christopher Cushing)