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’Japan’s banks in fund-raising frenzy
While Europe grapples with internal politics, regulatory rows and sovereign debt problems, Japanese banks are quietly continuing their fund-raising frenzy.
According to figures compiled for FT Alphaville by data provider Dealogic, Japanese banks raised a whopping Y3,530bn,
Banking and broking JVs 101: How not to do it
It’s hard to know whether to feel sorrier for the bankers and brokers at Morgan Stanley or its Japanese joint-venture partner (and part-owner), Japan’s Mitsubishi UFJ Group.
As Bloomberg reports, those
MUFG to issue new shares
Mitsubishi UFJ Financial Group plans to raise up to Y1,000bn ($11.2bn) in a sale of new shares and delay by two months the planned merger of its securities arm with Morgan Stanley’s Japanese brokerage unit,
Morgan Stanley, MUFG, delay Japan deal
Morgan Stanley will not fully integrate its Japanese operations with Mitsubishi UFJ Securities as originally planned in a deal agreed last year with MUFG, Japan’s biggest bank confirmed on Wednesday. Instead there will be two entities,
MUFG and Morgan Stanley: The (slow) metamorphosis of a JV
It was portrayed as both a godsend for Morgan Stanley and something of a coup for Mitsubishi MUFJ Group, Japan’s biggest bank, when in October 2008 it emerged that MUFG would take a 20 per cent stake in the US bank for $9bn.
Daiwa SMBC — more consolidation in Japan
Consolidation and competition among foreign and domestic brokers are two of the main themes in Japan’s financial services industry right now.
In the latest deal, Daiwa Securities Group, Japan’s second-largest brokerage,
Morgan Stanley, MUFG in US push
Morgan Stanley is joining forces with Japan’s Mitsubishi UFJ Financial Group in a US corporate lending venture that will help Morgan Stanley compete with Wall Street rivals. Under a deal announced Tuesday,
MUFG upbeat despite heavy losses
Mitsubishi UFJ Financial Group on Tuesday added to the cautiously upbeat mood among Japanese banks, saying it expected to generate net profits of Y300bn ($3.1bn) this year. MUFG, which earlier paid $9bn for a 20% stake in Morgan Stanley,
MUFG may ‘back out’ of Citi unit buy
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,
Mizuho warns of $5.9bn net loss
Mizuho Financial Group, Japan’s second largest bank, on Thursday warned it would report a full-year loss of Y580bn ($5.9bn) rather than a profit of Y100bn in the year to March 2009. The news came after third-ranked SMFG revised its full-year figures from a Y180bn profit to a Y390bn loss.
Playing chicken with Citi’s Nikko Cordial
Citigroup’s latest moves, to sell off its Nikko Cordial brokerage business in Japan, has triggered speculation about the likely buyer of Japan’s third-biggest broker – not least because Japan’s big banks,
MUFG eyes Morgan Stanley JV: report
Mitsubishi UFJ Financial Group, Japan’s biggest bank, may take a 60% stake in a planned brokerage venture with Morgan Stanley, according to Nikkei English News, reports Bloomberg. Morgan Stanley may take the remaining 40% stake when MUFJ Securities and Morgan Stanley Japan Securities combine their operations next spring,
How do you say ‘bonus rage’ in Japanese?
While “bonus rage” has become a household phenomenon in America, in Japan, the unfolding saga has been met with at best, perplexed bewilderment and at most, quiet shock at the disclosures of bonus and salary levels.
MUFG to slash jobs, close branches
Mitsubishi UFJ Financial Group, Japan’s biggest bank, said on Monday it plans to close 50 branches and cut 1,000 jobs to continue slimming down its operations since its merger in 2005, reports Reuters.
MUFG to raise $1bn
Mitsubishi UFJ Financial Group, Japan’s biggest bank, said it will raise nearly $1bn by issuing preferred securities, its latest step to shore up its battered capital base, reports Reuters. MUFG said it will issue Y97.4bn ($1bn) worth of the securities,
UBS held talks with Morgan Stanley
UBS signalled its willingness to take drastic steps to overhaul its business in talks late last year with Morgan Stanley over the sale of its US brokerage unit, reports the FT. The discussions over UBS Financial Services – acquired in 2000 in the $11.8bn purchase of PaineWebber – were preliminary and unlikely to be rekindled,
MUFG, Morgan Stanley, ‘could’ merge units
Mitsubishi UFJ Financial Group, Japan’s biggest bank, may seek to merge some of its overseas businesses with Morgan Stanley after buying a stake in the Wall Street firm last year, reports Bloomberg. Tatsuo Tanaka,
MUFG warns of $3.2bn share trading loss
Mitsubishi UFJ Financial Group said Thursday it would book a Y288bn ($3.2bn) loss on its share portfolio in the third quarter through December. The move brings the total losses at Japan’s largest banking group from its share portfolio this fiscal year to Y428bn.
Banks’ fund-raising: the coming wave in Asia
Banks are clearly thinking as much these days about selling off stakes in themselves or other capital raising plans as they are about banking – possibly more, if you’re a Barclays, Bank of America or an RBS.
MUFG first half profts fall 64%
Mitsubishi UFJ Financial Group (MUFG) on Tuesday reported a 64% drop in first half net profits to Y92bn ($953m) from Y256.7bn a year ago, as Japan’s largest bank confirmed plans to raise capital through a public offering of shares.
Mizuho to sell $3.2bn of preferred securities
Mizuho Financial Group, Japan’s second-largest bank by revenue, plans to sell about Y300bn ($3.2bn) of preferred securities to replenish capital depleted by rising bad loans and losses on stock investments,
MUFG plans $10.5bn boost
Mitsubishi UFJ has unveiled plans to raise up to $10.5bn in new capital to bolster its balance sheet as the global financial turmoil ensnared Japanese banks. The capital raising comes as tumbling stock prices and a deteriorating economic outlook threaten to undermine its financial health amid the global credit crisis.
Morgan Stanley soars on MUFG deal
Morgan Stanley shares soared after the bank secured a $9bn investment from Mitsubishi UFJ Financial Group that gives the Japanese group a 21% stake on better terms than previously announced, reports the FT.
Russian roulette at Morgan Stanley?
Pricing deals in current markets is like playing Russian roulette, and Mitsubishi UFJ Financial Group knows this to its cost, notes Lex. Last Friday, under its original deal to invest $9bn in Morgan Stanley for a 21% per cent stake,
MUFG to renegotiate Morgan Stanley deal
Morgan Stanley has been forced to renegotiate the terms of a planned $9bn cash injection from Japan’s Mitsubishi UFG, following the steep fall in the price of its shares since the deal was announced last month,
US offers landmark protection to MUFG investors
In what could set an important precedent, federal officials assured Mitsubishi UFJ Group, Japan’s biggest bank, late Sunday that its planned investment in Morgan Stanley would be protected, reports the NYT.
Morgan Stanley on watch, MUFG reaffirms deal
Mitsubishi UFJ Financial Group, Japan’s largest bank, said Thursday it had no plans to pull out of a planned $9bn investment in Morgan Stanley, even as shares of the US bank continued to slide and Moody’s put its A1 long-term credit rating on review for a possible downgrade.
John Mack’s high-stakes Japanese dinner in London
The Mack doth protest too much… as Morgan Stanley watches the spreads on its credit default swaps climb and tries to stem the flow of clients from its prime brokerage services, John Mack has stepped up his efforts to reassure the world – and particularly Mitsubishi UFJ Group – that his bank is sound.
Morgan Stanley seeks to buoy confidence
Morgan Stanley sought to shore up investor confidence Tuesday as its shares fell 25%, but its plan to raise $9bn in capital from Mitsubishi UFJ Financial Group remains on track with its original terms,
An MUFG merger for Morgan Stanley Japan? Yes, no, well, sort of…
When we learned of it (after the fact), we thought the highly secretive gathering of top executives of Morgan Stanley and MUFG at the swanky Ritz-Carlton Hotel in Tokyo some days ago was all about MUFG’s agreement to invest $9bn in the US investment bank in exchange for a 21 per cent equity stake.