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Mitsubishi UFJ eyes $4 billion Morgan Stanley assets: Bloomberg
April 28, 2013 / 9:26 PM / in 4 years

Mitsubishi UFJ eyes $4 billion Morgan Stanley assets: Bloomberg

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.

A woman walks out from a branch of Mitsubishi UFJ Financial Group (MUFG) in Tokyo November 14, 2012. REUTERS/Yuriko Nakao

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

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