UFJ Bank Ltd. said Friday that it will acquire consumer credit firm Nippon Shinpan Co. as part of an ongoing effort to expand its retail banking business.
Japan's fourth-largest lender said it is aiming to claim pole position in the domestic credit card business by having the country's fourth-largest credit card issuer operate under its wing.
Under the plan, Nippon Shinpan will become a subsidiary of UFJ Bank around March 2005.