TOKYO —

Mitsubishi UFJ Trust and Banking Corp said Thursday it will buy a stake of up to 19.9% in Britain’s Aberdeen Asset Management PLC for a total of 40 billion yen. The trust bank, a unit of Mitsubishi UFJ Financial Group Inc, will also start joint business projects with Aberdeen, whose strength lies in asset management operations in Asia.

Mitsubishi UFJ Trust will spend 20 billion yen to buy 9.9% of Aberdeen on Thursday. The bank will raise its stake up to 19.9% later and may put one official on Aberdeen’s board.

Through the business tie-up, Mitsubishi UFJ Trust will offer Aberdeen’s investment products to corporate clients. The two firms will also consider joining in retail services.

The Japanese trust bank manages 26 trillion yen in customer assets globally, while the British firm manages assets worth 23 trillion yen.

The announcement follows a string of moves by Mitsubishi UFJ Financial Group to expand its overseas operations. The holding firm recently decided to buy a 21% stake in Morgan Stanley and has successfully completed its tender offer for UnionBanCal Corp.

JCN

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