Mitsubishi UFJ Financial Group Inc (8306.T), Japan's biggest lender, is considering bidding for the corporate trust arm of Bank of New York Mellon Corp (BK.N), 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 reported. (r.reuters.com/cat29v)
Ron Gruendl, a spokesman for BNY Mellon, said the company does not comment on market speculation. A spokesman for MUFG also declined to comment on the report.
BNY Mellon, the world's largest custody bank, was working with Goldman Sachs Group GN.N to find buyers for the corporate trust arm, according to reports last month.
MUFG has been accelerating its drive to grow its footprint outside Japan in recent years because the country's aging population offers dimmer growth prospects than other countries.
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)