TOKYO -- Mitsubishi UFJ Financial Group will purchase asset management operations from Commonwealth Bank of Australia, that country's largest bank, in a deal estimated to be worth 328 billion yen ($2.9 billion), the Japanese megabank announced on Wednesday.
Mitsubishi UFJ Trust and Banking, part of the MUFG group, will wholly acquire multiple core subsidiaries from CBA's asset management group, Colonial First State. The deal, one of the biggest overseas asset management buyouts ever by a Japanese financial group, could close as soon as the fall of 2019.
