Mitsubishi UFJ Financial Group Inc. said Thursday it will sell ¥370 billion in preferred securities to bolster capital depleted by losses on investments.
The company will sell the securities, which aren't convertible into common stock, to institutional investors in Japan this month, it said. Mitsubishi UFJ has raised more than ¥1.3 trillion since November selling shares, bonds and securities, after booking a loss of ¥257 billion in the year that ended March 31 due to soured investments and rising bad loans.
Rivals Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. are also selling shares to raise capital. Mizuho said Wednesday it may raise as much as ¥529.2 billion selling stock at home and abroad.
Mitsubishi UFJ had a Tier 1 capital ratio, a key financial strength indicator, of 7.76 percent at the end of March.
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