Mitsubishi UFJ Financial Group Inc. said Saturday it will inject $2 billion into Union Bank, its wholly owned subsidiary in California, by the end of the month to bolster the struggling lender’s financial base.
MUFG said Union Bank is suffering from real estate loans that are becoming irrecoverable because of the recession and credit crunch, with bad-loan losses for the January-June half exceeding $600 million — more than triple that logged in the same period last year.
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