From the FXWW Chatroom – Lots of chatter about the below story helping to keep AUDJPY supported, even with weak China PMI (50.2 vs 50.6 exp) and softer AU CPI today (0.4% QoQ vs 0.5% exp). The story was out early Asia/late NY.
Mitsubishi UFJ Buys Commonwealth Bank Asset Arm for $2.9 Billion
Mitsubishi UFJ Buys Commonwealth Bank Asset Arm for $2.9 Billion
(Bloomberg) — Mitsubishi UFJ Financial Group Inc. just
took a big step toward its goal of becoming one of the 15
largest asset managers in the world.
Japan’s biggest bank on Wednesday agreed to buy
Commonwealth Bank of Australia’s global asset management unit
for A$4.13 billion ($2.9 billion). The deal adds A$213 billion
of assets under management across the U.S., Australia and Asia.
MUFG has been exploring acquisitions to diversify from its
domestic lending businesses, which are constrained by a low
interest-rate environment and a shrinking population.
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