UFJ Holdings Inc., the nation's fourth-largest banking group, said Monday that it will sell all outstanding shares in United California Bank, a wholly owned U.S. subsidiary, to French financial group BNP Paribas for 300 billion yen.
The deal is expected to be completed by the end of March.
The move comes as Japanese banks hunt for more funds to write off bad debts and follows a similar announcement by Fuji Bank of Mizuho Holdings Inc., which also plans to sell its U.S.-based subsidiaries.