May 9, 2014 / 7:20 AM / in 4 years

Mitsubishi UFJ may bid for BNY Mellon's Trust Unit -Bloomberg

May 9 (Reuters) - 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 reported. (

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)

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