Mitsubishi UFJ Financial Group Inc. may seek to merge some of its overseas businesses with Morgan Stanley after buying a stake in the Wall Street firm last year.

"We're not ruling out that possibility," said Tatsuo Tanaka, 62, deputy president of the company's main banking unit, Bank of Tokyo-Mitsubishi UFJ Ltd.

The two banks will consider whether to set up new joint ventures in markets outside Japan, he said.