Mitsubishi UFJ Financial Group Inc. plans to turn Mitsubishi UFJ Securities Co., a group brokerage, into a wholly owned subsidiary, MUFG said Tuesday.
MUFG aims to enhance profitability as an all-around financial group dealing in a wide array of products and services by more closely integrating the brokerage unit into its operations.
MUFG, the world's largest banking group by assets, owned a 61.23 percent interest in Mitsubishi UFJ Securities as of the end of this March. It plans to acquire the remainder of the shares in a stock swap with the brokerage firm, it said.