apan’s MUFG to buy RBS project finance business for US$6.4 billion


AFP

TOKYO — Mitsubishi UFJ Financial Group (MUFG) plans to buy the project financing business of the Royal Bank of Scotland for an estimated four billion pounds (US$6.4 billion), a report said Wednesday. The leading Japanese banking group plans to take RBS’ loan assets, particularly infrastructure loans in Europe, Middle East and Africa, as well as some of the bank’s sales forces, the Nikkei newspaper said. MUFG and the British government, which controls 84 percent of the international banking group, are trying to sign an official deal by year-end and complete the transaction in the first half of 2011, the newspaper said.