Mitsubishi UFJ Financial Group has agreed to purchase out Bank of America Merrill Lynch's stake in their Japanese private banking joint venture for about $480 million.Japan's biggest bank will buy Merrill Lynch's 49 percent stake in Mitsubishi UFJ Merrill Lynch PB Securities Co, the private banking venture formed in 2006, for an undisclosed sum, the companies said in a statement.A source with direct knowledge of the matter said the value of the deal is about 40 billion yen ($482.3 million).The fate of the joint venture has been speculated upon ever since MUFG invested in Wall Street rival Morgan Stanley in 2008, taking a 22 percent stake in the firm.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $10.61. In the past year, the shares have traded as low as $4.92 and as high as $10.71. On average, 156458000 shares of BAC exchange hands on a given day and today's volume is recorded at 0.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $17.70. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 20518400 shares of MS exchange hands on a given day and today's volume is recorded at 0.
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, 1037470 shares of MTU exchange hands on a given day and today's volume is recorded at 0.
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