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MUFG seeks to quicken cashless push with card unit buyout

Japanese megabank sees Nicos as platform for new payment methods

TOKYO -- Mitsubishi UFJ Financial Group plans to turn a credit card unit into a wholly owned subsidiary and position it as a hub for new financial services such as virtual currency payment.

The Japanese megabank holds an 85% stake in card issuer Mitsubishi UFJ Nicos and is expected to pay tens of billions of yen (10 billion yen equals $87.9 million) for the remaining 15%, now owned by agricultural lender Norinchukin Bank.

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