M'bishi UFJ, KDDI to End Joint Ownership of Online Arms

Tokyo, Oct. 19 (Jiji Press)--Japan's Mitsubishi UFJ Financial Group Inc. and KDDI Corp. will end their joint ownership of online securities and banking arms within fiscal 2024 at the earliest, it was learned Saturday.

Mitsubishi UFJ hopes to fully own online brokerage au Kabucom Securities Co., while telecommunications carrier KDDI aims to make online lender au Jibun Bank a wholly owned subsidiary, sources said.

Mitsubishi UFJ and KDDI will maintain their cooperation even after the change in the capital relationships. The two sides will also consider forming a new financial tie-up, such as for services using generative artificial intelligence technology.

To fully own au Kabucom Securities, Mitsubishi UFJ will acquire a 49 pct stake in the online brokerage from KDDI's financial holding company. KDDI, for its part, will buy a 22 pct stake in au Jibun Bank from MUFG Bank to make it a wholly owned unit.

END

[Copyright The Jiji Press, Ltd.]