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The upheaval in Australia’s scandal-tainted banking industry has handed Japan’s largest banking group a long-awaited opportunity to get a bigger foothold in the global asset management industry.

Mitsubishi UFJ Financial Group Inc. on Wednesday agreed to buy Commonwealth Bank of Australia’s global asset management unit for 4.13 billion Australian dollars ($2.9 billion). The deal adds AU$213 billion of assets under management across the U.S., Australia and Asia.

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