Mitsubishi UFJ Group may back out of an agreement to buy a Citigroup banking unit after failing to purchase other Japanese assets from the US bank, reports Bloomberg. MUFJ Trust & Banking Corp, a unit of Japan’s biggest lender, may scrap the commitment it made in December to buy NikkoCiti Trust & Banking Corp for Y25bn ($262m). Citi agreed to sell its Japanese retail brokerage and parts of its investment bank to Sumitomo Mitsui Financial Group for Y545bn and is also seeking bidders for its local asset-management unit.

This entry was posted by Gwen Robinson on Thursday, May 14th, 2009 at 5:21 and is filed under Capital markets, M&A. Tagged with MUFG, NikkoCiti Trust & Banking. Edit this entry.