Mitsubishi Buys BofA's Share In Private Banking Venture

Law360, New York (December 13, 2012, 4:28 PM EST) -- Japan's Mitsubishi UFJ Financial Group Inc. on Thursday struck an agreement to buy Bank of America Corp. out of the companies' private banking joint venture, marking the latest development in a yearlong shakeup of the Japanese banking sector.

MUFG, one of the biggest bank holding companies in the world, will take over Bank of America Merrill Lynch's 49 percent stake in their wealth management venture, called Mitsubishi UFJ Merrill Lynch PB Securities Co. Ltd., according to parallel statements from the partners.

“In relation to the change...
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