Morgan, Mitsubishi Firm Up JV
The new JV, dubbed Morgan Stanley MUFG Loan Partners, will combine the lending prowess of Mitsubishi with Morgan Stanley’s I-banking expertise.
July 1, 2009
Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley Wednesday offered more details on their already announced joint venture that should enhance the firms’ investment banking and corporate lending businesses.
(To read an in-depth profile of Mitsubishi’s plans to grow its investment banking business, click here.)
The new JV, dubbed Morgan Stanley MUFG Loan Partners, will combine the lending prowess of Mitsubishi with Morgan Stanley’s i-banking expertise. The agreement also calls for a referral agreement for commodities transactions done outside of Japan.
The companies pointed out that were Bank of Tokyo-Mitsubishi UFJ, a unit of MUFG, and Morgan Stanley to combine they would be one of the largest lenders to U.S. companies, with loan commitments of more than $100 billion.
"Looking ahead, the newly formed loan marketing JV provides our clients with even stronger financing capabilities, and the commodities referral agreement gives MUFG's clients access to an industry-leading commodities platform," said Morgan Stanley chief executive John Mack, in a press release.
In Asia and the EMEA, the combines will refer new business opportunities to one another in capital markets, loans, fixed income sales and other businesses, and Mitsubishi will also refer commodities deals to Morgan Stanley for a fee when the deals re completed.
Last year, Mitsubishi agreed to buy a large stake in Morgan Stanley for $9 billion at a time when Wall Street banks were in desperate need of cash.
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