Mitsubishi UFJ Financial Group Inc. said Thursday that it completed a public tender offer Wednesday for shares of kabu.com Securities Co., raising its interest in the online brokerage to 40.36 percent from 30.85 percent.
The deal means that officials from the banking group will likely account for a majority of the online brokerage’s board, turning kabu.com into a consolidated MUFG subsidiary.
The matter is contingent on approval by kabu.com’s shareholders at their meeting in June.
Mitsubishi UFJ hopes to bolster its retail operations by benefiting from the brokerage’s growing individual investors.
The major banking group and the securities firm announced a tieup on March 5.
The tender offer by Mitsubishi UFJ began March 20.
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