(Bloomberg) -- Mitsubishi UFJ Financial Group Inc. may back out of an agreement to buy a Citigroup Inc. banking unit after failing to purchase other Japanese assets from the U.S. bank, two people with knowledge of the matter said.
Mitsubishi UFJ Trust and Banking Corp., a unit of Japan’s biggest lender, may scrap the commitment it made in December to buy NikkoCiti Trust & Banking Corp. for 25 billion yen ($262 million), said the people, who declined to be identified as they haven’t been authorized to discuss the matter publicly.
Citigroup, the recipient of a $52 billion U.S. government bailout, is auctioning off assets to raise capital and agreed to sell its Japanese retail brokerage and parts of its investment bank to Sumitomo Mitsui Financial Group Inc. for 545 billion yen this month. The New York-based bank is also seeking bidders for its local asset-management unit, four people familiar with matter said last month.
Read more here
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment