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  • Japan Bank Eyes 'Major' M&A
  • Source:Shanghai Daily  Date:July-05-2008  Editor:CMO   
  • Mitsubishi UFJ Financial Group Inc, Japan's largest bank by market value, may make a "major" overseas acquisition as growth slows at home, the new president of the group's trust bank said Friday.

    "There may be a possibility for us to make a major investment or do M&As," said Kinya Okauchi, 56, the new president of Mitsubishi UFJ's asset and wealth management unit.

    "As a group, MUFG will be sort of destined to expand toward the global market."

    Japan's largest banks have suffered smaller losses than overseas peers from investments in the United States mortgage market and are using their stronger capital bases to increase overseas lending and investment. Mitsubishi UFJ may consider a controlling stake in a US bank, Nomura Holdings Inc said in a report, citing a Mitsubishi UFJ executive.

    The Tokyo-based bank has spent more than US$1 billion on investments in Asian financial firms in the past two years. Sumitomo Mitsui Financial Group Inc, Japan's second-largest bank by market value, agreed to buy a 2-percent stake in Barclays Plc last month, and Mizuho Financial Group Inc invested US$1.2 billion in Merrill Lynch & Co in January to help the Wall Street firm boost capital, Bloomberg News said.

    "Assuming Mitsubishi UFJ retains its profitability, it will have quite a lot of capital to deploy," said Brett Hemsley, an analyst at HSBC Holdings Plc in Tokyo.

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