WORLD> Asia-Pacific
|
WORLD> Asia-Pacific
|
|
Mitsubishi mulls securities unit merger with Morgan Stanley Japan
(Xinhua)
Updated: 2008-10-03 14:15 TOKYO -- Mitsubishi UFJ Financial Group Inc. is mulling merging its securities unit, Mitsubishi UFJ Securities Co., with US investment bank Morgan Stanley's Japanese securities unit, Kyodo News Agency reported Friday. The company's merger with Morgan Stanley Japan Securities Co., if realized, will make one of the largest wholesale securities service firms in Japan, whose business includes mergers and acquisitions as well as bond underwriting. Further negotiations between the two firms are expected to pinpoint the method and timing of the merger as well as strategies to boost their overseas presence, Kyodo quoted sources close to the matter as saying. The move came after MUFG, Japan's largest banking group, said on Monday that it will acquire a 21 percent stake in Morgan Stanley, the second-largest US investment bank, on a voting rights basis for $9 billion dollars. The capital injection deal will make MUFG the top shareholder in Morgan Stanley. Morgan Stanley Japan Securities posted a net profit of 3.2 billion yen on operating revenues of 213.9 billion yen in its fiscal year to March. It has 1,600 employees. |
