Mitsubishi UFJ Financial Group Inc. said Tuesday it will repay 316.5 billion yen in public funds in March through financing from Norinchukin Bank, Nippon Life Insurance Co. and three other major insurers.

Bank of Tokyo Mitsubishi UFJ currently has around 820 billion yen in public debt, kept in the form of preferred shares held by the government-backed Deposit Insurance Corp.

According to MUFJ, Norinchukin and Nippon Life will each purchase more than 100 billion yen worth of preferred shares Friday from the DIP.