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Thursday, 4th November 2010

Japan company may buy RBS assets

The Mitsubishi UFJ Financial Group (MUFG) is holding talks about the possible purchasing of assets from the Royal Bank of Scotland (RBS), according to media sources.

Nikkei newspaper reports that MUFG could pay a total of £4 billion for loan assets based in Europe, the Middle East and Africa.

So far, RBS has declined to comment on the potential sale of the project financing assets.

The media reports also suggest that MUFG and the British government are looking to make the deal official before the end of the year and complete the sale before June 2011. At present, the Treasury controls 84 per cent of RBS after it intervened to prevent the bank collapsing in 2008.

Established in 2001, MUFG is Japan's largest lender and holds assets of around US$2.4 trillion (£1.49 trillion), according to figures published by the company in March 2010.

Written by Mark Smith.