A U.S. unit of Mitsubishi UFJ Financial Group Inc is in talks to acquire the rights to sell trust-banking services to Morgan Stanley's clients, in the bank's latest bid to expand its business abroad, a source familiar with the matter said on Sunday.The proposed deal involves Mitsubishi UFJ's Union Bank providing services to trust accounts worth an estimated $4 billion, which Morgan Stanley will continue to manage. Union Bank will earn fees on the trust services it sells, the source familiar with the matter said.Mitsubishi UFJ is the Wall Street investment bank's biggest shareholder.The proposed deal is subject to approval from the Office of the Comptroller of the Currency.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU traded higher by 1.34% or $0.09/share to $6.79. In the past year, the shares have traded as low as $4.16 and as high as $6.88. On average, 3125330 shares of MTU exchange hands on a given day and today's volume is recorded at 3715331.
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