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.N, an executive at Japan’s largest bank said, rejecting a media report that it was considering taking a stake.
, or MUFG, is a Japanese multinational corporation headquartered in Tokyo, Japan.
… MUFG reaffirmed its full-year forecast, which it had revised down this month.
The core banking units of the group, Bank of Tokyo-Mitsubishi and UFJ Bank, were merged on January 1, 2006 to form The Bank of Tokyo-Mitsubishi UFJ, Ltd. This integration was originally scheduled to take place on October 1, 2005, the same day that the parent companies were merged.
These informations were issued by former Bank of Tokyo-Mitsubishi.
Mitsubishi UFJ Financial Group highlighted the damage caused by its exposure to Japan’s troubled consumer finance sector as it unveiled a 49 per cent drop in first-half profits on Wednesday.
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The company was formed on October 1, 2005 with the merger of Tokyo-based Mitsubishi Tokyo Financial Group , formerly Japan ’s second-largest banking conglomerate, and Osaka-based UFJ Holdings, which was Japan’s fourth-largest banking group.
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A Korean bank is in stake talks with Lehman but an executive at MUFG said the Japanese bank had “absolutely no plans” to invest in the U.S. firm, which has more than $60 billion of mortgage and mortgage security exposure.
Citing unnamed banking sources in Tokyo, The Times said MUFG was likely to move cautiously if it did proceed with a takeover and wait until Lehman announced its quarterly results.
Japan’s largest bank by outstanding assets also saw some impact from investments in US subprime-related products, which reduced profits by about Y4bn in the half.
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The trust banking and securities units of MTFG and UFJ were merged according to the original schedule on October 1, 2005.
.N and is seeking to raise its stake in Japanese consumer lender Acom Co.
It holds an asset of around US$1.2 trillion and is one of the main companies of the Mitsubishi Group.
Its shares, which gained 5 percent in the regular trading session, added another 1.6 percent in extended trading.
“UFJ” is an abbreviation of “United Financial of Japan”, was formed from a merger with the Toyo Trust, a part of the Toyota Motor Corporation.
On October 1, 2005, MTFG completed the acquisition of UFJ Holdings, Japan’s fourth largest banking group, to form the Mitsubishi UFJ Financial Group , the world’s largest bank ranked by assets with ¥190 trillion.
In 1919, the Mitsubishi Bank financed the Mitsubishi zaibatsu, most of which is today Mitsubishi Heavy Industries.
