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Mitsubishi UFJ Financial Group Inc. is in talks to buy Morgan Stanley’s trust-banking assets, according to two sources with knowledge of the matter.

The assets are valued at about $4 billion, according to the sources, who asked not to be identified while talks are ongoing. UnionBanCal Corp., MUFG’s San Francisco-based unit, plans to acquire the business, the they said. The Nikkei financial newspaper, which reported the negotiations on Sunday, said the deal will need approval from U.S. regulators.

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