NEW YORK, April 28 A U.S. unit of Mitsubishi UFJ
Financial Group Inc is in talks to acquire the rights
to sell trust-banking services to Morgan Stanley's
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
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.