Mitsubishi UFJ Financial Group’s trust banking arm is seeking acquisitions abroad and has $9 billion to spend.
Under a strategy announced by Mitsubishi UFJ Financial Group (MUFG) earlier this year, the financial group will transfer about 2,600 corporate accounts with 12 trillion yen in loans from Mitsubishi UFJ Trust to its main lending unit next year.
Removing those assets from the trust bank’s balance sheet will free up capital for takeovers as it seeks to build a new business model focusing on fee-generating businesses like asset management and consulting.
Acquisitions on a Large Scale
Targets in the U.S., Europe and Asia will all be in play according to the president and chief executive officer Mikio Ikegaya.
«We’re going to make acquisitions on a scale we never have before,» said Ikegaya in Tokyo, with local publication JIJI Press.
Ikegaya's desire to expand however might not be as easy as he expects.
