Mitsubishi UFJ Trust to Buy Asset Management Biz of Australia's CBA

Economy

Tokyo, Oct. 31 (Jiji Press)--Mitsubishi UFJ Trust and Banking Corp. said Wednesday that it will fully acquire nine asset management firms under the umbrella of Commonwealth Bank of Australia, the country's leading bank, for a total of 4 billion Australian dollars, or 328 billion yen.

The nine firms are subsidiaries of Colonial First State Group Ltd. under the CBA group, and together represent the Colonial First State Global Asset Management business, the Japanese trust bank said.

The deal is one of the largest for the acquisition of overseas asset management business by a Japanese financial institution, according to officials of the bank.

Through the purchase, the unit of Mitsubishi UFJ Financial Group Inc. <8306>, or MUFG, aims to expand its revenue base amid a prolonged low interest rate environment at home.

The acquisition process is slated to be completed by the middle of 2019.

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Jiji Press