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Thursday June 21, 9:07 AMMitsubishi UFJ mulls closer ties with JaccsTOKYO, June 21 (Reuters) - Mitsubishi UFJ Financial Group (MUFG) , Japan's largest bank, said on Thursday it was considering a capital and business alliance with consumer credit company Jaccs Co. , pushing Jaccs's shares up 12.5 percent.The Nikkei business daily reported earlier that MUFG was planning to raise its stake in Jaccs to more than 20 percent from around 7 percent now, and then merge Jaccs's consumer credit operations with those of Mitsubishi UFJ Nicos . That merger would give Jaccs a consumer credit balance of roughly 640 billion yen ($5.2 billion), pushing it past industry leader Orient Corp. , the newspaper said. MUFG issued a statement saying it was considering closer ties with Jaccs and would make an announcement once an official decision had been made. The Nikkei said an announcement would be made on Thursday. Shares of Jaccs were up 12.5 percent at 578 yen as of 0040 GMT, while Mitsubishi UFJ Nicos rose 6 percent to 382 yen and MUFG fell 0.7 percent to 1.4 million yen. The benchmark Nikkei average was down 0.2 percent. The Nikkei said Jaccs would issue about 10 billion yen worth of new shares to Bank of Tokyo-Mitsubishi UFJ, Jaccs's main lender and the core banking unit of MUFG. |
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