Mitsubishi UFJ Financial Group is set to purchase Bank of America Corp's stake in their Japanese private banking venture for 39 billion yen ($470 million), Bloomberg reported, quoting two people with knowledge of the matter. Japan's biggest bank will own Mitsubishi UFJ Merrill Lynch PB Securities Co after buying the 49 percent, Bloomberg reported. ()Bank of America's Japanese brokerage unit will continue to provide mutual funds, derivatives and structured products to the private bank even after the sale.A Bank of America spokesman failed to comment on the report.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.95% or $0.1/share to $10.61. In the past year, the shares have traded as low as $4.92 and as high as $10.71. On average, 157060992 shares of BAC exchange hands on a given day and today's volume is recorded at 166380976.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU remained unchanged at $4.55. In the past year, the shares have traded as low as $4.03 and as high as $5.36. On average, 1025620 shares of MTU exchange hands on a given day and today's volume is recorded at 2518786.
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