BoA sells its 49 percent stake in Japanese private bank venture
(17 December 2012 – Japan) The Bank of America (BoA) is selling its entire 49 percent stake in Mitsubishi UFJ Financial Group’s Japanese private banking venture.
Mitsubishi UFJ Merrill Lynch PB Securities Company will cost Mitsubishi Financial US$470 million (A$460 million).
BoA’s Japanese brokerage unit, however, will continue to provide mutual funds, derivatives and structured products to the private bank after the sale.
Following BoA’s sale of its unprofitable non-US wealth management business the company also decided to palm off its shares in the private bank.
The private banking joint venture between BoA and MUFJ had operating revenues of US$299 million in the year to March 2012 and net profits of US$81 million.
BoA’s Japanese brokerage unit, however, will continue to provide mutual funds, derivatives and structured products to the private bank after the sale.
Following BoA’s sale of its unprofitable non-US wealth management business the company also decided to palm off its shares in the private bank.
The private banking joint venture between BoA and MUFJ had operating revenues of US$299 million in the year to March 2012 and net profits of US$81 million.
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