Mitsubishi UFJ Financial Group, Inc. and Morgan Stanley announced todaythat they have signed a memorandum of understanding to form a securities joint venture combining Mitsubishi UFJ Securities Co., Ltd. and Morgan Stanley Japan Securities Co., Ltd.
MUFG will own a 60% stake while Morgan Stanley will own a 40% stake. The joint venture will be named at a future date. Morgan Stanley will appoint the joint venture’s chairman while MUFG will designate the new company's President and CEO.
MUFG also will name the Deputy President and CEO of the joint venture’s retail and middle markets business. Morgan Stanley will appoint the Deputy President and CEO of the institutional securities business.
(From MUFG press release 3/26/09)
Will they still bid for Nikko Cordial? If so, this joint venture will become as competitive as Nomura Securities with Nikko Cordial.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment