ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Business deals

MUFG to buy Commonwealth Bank investment units for $2.9bn

Australian acquisition part of push into asset management field

Mitsubishi UFJ Financial Group aims to become one of the world's leading asset management companies.   © Reuters

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more