The American unit of Mitsubishi UFJ Financial Group Inc is in discussion about its sale of its trust banking services to clients of Morgan Stanley. This is the bank's latest move to expand its business abroad, according to a source with knowledge of the transaction.
The deal would involve Mitsubishi UFJ's Union Bank providing services over trust accounts worth around US$4 billion. These trust accounts would continue to be managed by Morgan Stanley and Union bank would then earn fees on trust services it helps sell.
Mitsubishi UFJ is Morgan Stanley's largest shareholdere on record. This proposed deal though is still subject to the approval of the Office of the Comptroller of the Currency.
When sought for comment, Mitsubishi UFJ could not be reached.
This is but one of the biggest deals to date. Another deal, Mitsubishi through UnionBanCal, the parent of Union Bank US, has purchased US commercial property portfolio loans worth US$3.7 billion from Deutsche Bank AG.
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