Mitsubishi UFJ Financial Group, a Japanese financial services firm, is keen to bid for the proposed sale of the corporate trust unit of Bank of New York Mellon (BNY Mellon).
The Japanese major is intending to expand its business across foreign markets due to low interest rates and a shrinking population at the home-market, reported Bloomberg.
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Earlier in February 2014, Mitsubishi UFJ deputy president Masaaki Tanaka told Bloomberg that the firm is planning to invest in the US and Asian markets.
The firm currently has nearly 22% holding in Morgan Stanley, and besides owning UnionBanCal, is set to consolidate all its US operations under a single entity on 1 July 2014.
BNY Mellon has appointed Goldman Sachs Group (GS) to find potential buyers for the unit, which is touted to earn BNY nearly $2.5bn.
Mitsubishi UFJ’s offer has not been disclosed yet.
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By GlobalDataBNY Mellon’s corporate trust arm that aid investors recover the defaulted money from the companies, has $12tn in outstanding debt for its clients and operates through 61 offices across the world.
