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Business deals

MUFG bets big on aircraft financing with $6bn acquisition

German aviation business expected to deliver higher returns than banking

Japanese megabank MUFG has set its sights on aircraft leasing opportunities.

TOKYO -- Mitsubishi UFJ Financial Group said Friday it will purchase an aircraft financing business from Germany's second-biggest lender, DZ Bank, seeking to capitalize on growing demand for air travel in a deal estimated at around 700 billion yen ($6.26 billion).

The Japanese group's MUFG Bank will acquire DZ Bank's aviation unit including its roughly 5.6 billion euro ($6.38 billion) aircraft financing portfolio. The deal, expected to close in the year's second half, marks MUFG's largest-ever purchase, excluding mergers and acquisitions involving peer lenders.

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