Mitsubishi UFJ to Buy Aircraft Financing Biz from German Bank

Economy

Tokyo, March 1 (Jiji Press)--Major Japanese banking group Mitsubishi UFJ Financial Group Inc. <8306> is in the final stages of talks on buying aircraft financing operations from a subsidiary of major German lender DZ Bank AG, informed sources said Friday.

The acquisition costs are estimated at 700 billion yen, the sources said.

Mitsubishi UFJ has been expanding its overseas operations at a time when the business environment for domestic banking operations is increasingly severe due to prolonged low interest rates.

Against this background, the company aims to strengthen its aircraft financing operations, which are expected to grow, the sources said.

Mitsubishi UFJ is viewed as a leading contender in the bidding for the aircraft financing business launched in summer last year.

[Copyright The Jiji Press, Ltd.]

Jiji Press