Posted:
Mitsubishi UFJ Financial Group Inc (MUFG), Japan's largest bank, said on Monday it planned to acquire as much as 20% of US investment bank Morgan Stanley as part of a broader strategic alliance.
The investment comes a day after both Morgan Stanley and Goldman Sachs Group Inc were granted approval to become bank holding companies regulated by the US Federal Reserve, effectively ending the investment banking model that has dominated Wall Street for more than 20 years.
The Mitsubishi investment, estimated to be as large as $8.5 billion, is the latest in a series of positive developments for Morgan Stanley.
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The investment comes a day after both Morgan Stanley and Goldman Sachs Group Inc were granted approval to become bank holding companies regulated by the US Federal Reserve, effectively ending the investment banking model that has dominated Wall Street for more than 20 years.
The Mitsubishi investment, estimated to be as large as $8.5 billion, is the latest in a series of positive developments for Morgan Stanley.
HTTP://WWW.UTVI.MYRECOURL.COM