Mitsubishi UFJ Trust and Banking secures regulatory approvals for acquisition of shares in Colonial First State subsidiaries

Maria Nikolova

The Trust Bank has obtained all regulatory approvals in relation to its acquisition of shares of nine subsidiaries of Colonial First State Group Limited.

Mitsubishi UFJ Trust and Banking Corporation (“the Trust Bank”), a consolidated subsidiary of Mitsubishi UFJ Financial Group Inc (TYO:8306), announced today that the Trust Bank has obtained all regulatory approvals in relation to its acquisition of shares of nine subsidiaries of Colonial First State Group Limited. These subsidiaries represent the global asset management business of Colonial First State Global Asset Management (CFSGAM).

The shares are acquired from Australian financial group Commonwealth Bank of Australia and its wholly-owned subsidiary Colonial First State Group Limited.

The acquisition is expected to be completed in early August 2019.

Back in October 2018, when the deal was initially announced, MUFG’s Asset Management & Investor Services Business Group said it aims to become “The unparalleled industry leader in Japan as well as a global player boasting significant presence overseas’’ in accordance with its Medium-term Business Plan for the three years from 2018. To achieve this goal of becoming a major player in the global asset management market, MUFG has been pursuing growth, centered on the Trust Bank, through inorganic investment, as well as enhancing its asset management capabilities and product competitiveness.

Back then, the Trust Bank said it will acquire 100% of CFSGAM for total cash proceeds of approximately A$4.0 billion.

Through this deal, the Trust Bank expects to be able to meet various client needs by expanding its product lineup and enhancing its presence as the largest asset management firm in the Asia/Oceania region. MUFG aims to work together with CFSGAM to continue delivering value to its current and future clients.

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