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Companies

Top Japan bank plans venture to redevelop shuttered branches

MUFG taps Mitsubishi Estate's experience as it halves traditional locations

Mitsubishi UFJ Financial Group aims to halve traditional branches for group banks and add slimmed-down locations.
Mitsubishi UFJ Financial Group aims to halve traditional branches for group banks and add slimmed-down locations.   © Reuters

TOKYO -- Japan's Mitsubishi UFJ Financial Group will launch a venture with real estate developer Mitsubishi Estate as soon as next month to advise the megabank on its effort to reduce and reshuffle its physical locations.

The new company will weigh options for the use of property to be freed up by consolidation among over 100 domestic locations -- mainly in properties owned by MUFG Bank -- as well as where to put branches. The parties are discussing a 60-40 ownership split in favor of MUFG, with the venture to be a subsidiary of the banking group.

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