Pedestrians walk past a signboard of a Mitsubishi UFJ Financial Group (MUFG) securities branch in Tokyo, September 23, 2008. REUTERS/Issei Kato
WASHINGTON (Reuters) - The Federal Reserve on Monday gave its approval for Mitsubishi UFJ Financial Group, Inc. (8306.T) to acquire up to 24.9 percent of the voting shares of Morgan Stanley (MS.N).
Mitsubishi UFJ last week agreed to buy a 21 percent stake in Morgan Stanley for $9 billion, giving the U.S. firm a much-needed capital injection.
The two firms have agreed to a “strategic alliance”, details of which are still being hammered out.
Reporting by Patrick Rucker