Bank of America is selling its 49% stake in wealth management joint venture Mitsubishi UFJ Merrill Lynch PB Securities to Japan’s largest bank Mitsubishi UFJ Financial Group.

The operation is in the line with BofA new strategy to refocus its Japanese management on its global banking and markets business and to sell non-US based wealth management businesses to Julius Baer Group.

After the sale Mitsubishi UFJ Securities Holdings, which formerly controlled a 9.8% stake, have increased this to 51% and The Bank of Tokyo-Mitsubishi UFJ will increase its holdings from 41.18% to 49%.

Operating revenue at March 2012 was JPY25bn ($298m) and the value of deposited assets was JPY1.8trn ($2.1bn).

The transaction will be completed on 26 December and will put an end to a 6-year joint venture with the Japanese bank.