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MUFG set to acquire aircraft finance arm of Germany's DZ Bank

An MUFG Bank sign is seen in this file photo. (Mainichi/Toshiki Miyama)

TOKYO -- Mitsubishi UFJ Financial Group Inc. (MUFG) is in the final stages of talks to acquire the aircraft financing arm of Germany's DZ Bank AG for an expected price tag of around 700 billion yen (about $6.27 billion, or 5.51 billion euros).

If the deal is finalized, it will be MUFG's largest purchase of a non-bank asset in the firm's history.

DZ Bank has been selling off a number of its businesses since around last year as part of a broader restructuring plan. MUFG is just one of several companies that have expressed interest in buying the German bank's aircraft financing arm.

Global demand for aircraft is projected to grow in the coming years, and MUFG is looking to expand its overseas aircraft financing business through large-scale acquisitions.

(Japanese original by Takayuki Sakai, Business News Department)

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