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November 15, 2010    

MUFG to buy RBS project assets

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by Kay Murchie

Mitsubishi UFJ Financial Group (MUFG), which is Japan’s largest bank by assets, is to buy project-finance assets from Royal Bank of Scotland (RBS) in a deal valued at £3.8 billion.

The deal comes as RBS, which is 84% owned by the taxpayer, continues to dispose of legacy assets.

Meanwhile, the deal will see MUFG strengthen its global reach as loan demand remains weak in Japan, with bank lending falling for the 11th straight month in October.

The news of the purchase came as MUFG said profit more than doubled in the half-year to the end of September 357 billion yen ($4.3 billion), against 141 billion yen a year earlier.

Meanwhile, MUFG lifted its full-year profit forecast by a quarter, joining smaller rivals Mizuho Financial Group and Sumitomo Mitsui Financial Group in raising forecasts.

MUFG hit the headlines at the height of the financial crisis after taking a stake in US investment bank Morgan Stanley. It also acquired assets from two US banks this year.

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