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Japan's MUFG to buy CBA asset management units for $2.7 billion - Nikkei

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By Reuters
Japan's MUFG to buy CBA asset management units for $2.7 billion - Nikkei
Japan's national flag is seen behind the logo of Mitsubishi UFJ Financial Group Inc (MUFG) at its bank branch in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon   -   Copyright  KIM KYUNG-HOON(Reuters)

(Reuters) – Japan’s Mitsubishi UFJ Financial Group <8306.T> is set to buy asset management operations of Australia’s largest lender Commonwealth Bank of Australia <CBA.AX> for about 300 billion yen (£2.09 billion), the Nikkei newspaper reported on Tuesday.

The report said a unit of Mitsubishi UFJ Trust and Banking, one of Japan’s largest lenders, will buy multiple core units of Colonial First State, CBA’s asset management group.

In April, CBA had unveiled a plan to list Colonial First State Global Asset Management.

Both companies involved were not available for comment outside regular market hours.

The deal is likely to close by the fall of 2019, Nikkei reported.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Anil D’Silva)