NEW YORK (Reuters) - Japan’s Mitsubishi UFJ Financial Group (8306.T) is in discussion to buy trust-banking assets worth about $4 billion from Morgan Stanley (MS.N), in the bank’s latest bid to expand its business abroad, Bloomberg said on Sunday.
The report, citing two people with knowledge of the matter who asked not to be identified, said UnionBanCal Corp, a Mitsubishi unit based in San Francisco, is expected to acquire the assets.
Mitsubishi is Morgan Stanley’s biggest shareholder.
Through UnionBanCal, Japan’s biggest bank agreed to pay $3.7 billion for U.S. property lending assets from Deutsche Bank AG (DBKGn.DE), Bloomberg said.
Morgan Stanley and Mitsubishi UFJ could not immediately be reached for comment.
Reporting by Richard Leong; Additional reporting by Jessica Toonkel in New York, Emi Emoto in Tokyo; Editing by Marguerita Choy