Mitsubishi UFJ Financial Group Inc. said Wednesday it may raise as much as ¥1 trillion selling shares and noted terms of the planned merger between its Japanese securities unit and that of Morgan Stanley have been changed.
Japan's largest bank by market value registered with the Finance Ministry to sell common stock in the next 12 months. Mitsubishi UFJ also said Morgan Stanley will have voting control of the U.S. firm's brokerage unit in Japan, which employs more than 1,000 people.
The revised agreement is a setback for Mitsubishi UFJ's efforts to compete with Nomura Holdings Inc., Japan's largest brokerage. Morgan Stanley and Mitsubishi UFJ said in March they would merge their entire securities operations in Japan, with the Tokyo-based firm owning a 60 percent stake.