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Mitsubishi UFJ selects potential US bank targets for acquisition

Japan-based banking company Mitsubishi UFJ Financial Group has listed possible financial firms in the US, which the company intends to purchase in the near future.

The company’s strategy is to boost its overseas retail banking operations, beyond domestic market, and to diversify its income channel, as reported by Bloomberg.

Bank of Tokyo-Mitsubishi UFJ global banking deputy president and group CEO was quoted by the news agency as saying that the lender has discussed with the chief executive officers and investment officers of the US companies on the internal list.

"We’re trying to enhance our network and commercial banking business so if there’s a good target and the timing is good, we would like to do it as soon as possible," Morimura added.

Mitsubishi UFJ, which manages two banks in California and owns 22% stake in Morgan Stanley (MS), purchased San Francisco-based UnionBanCal for $3.5bn in 2008.

It also acquired Santa Barbara-based Pacific Capital Bancorp for $1.5bn in March last year.

Apart from eyeing the US market, the bank will remain Asia focused as it has showed interest to acquire a significant stake in Bangkok-based Bank of Ayudhya from General Electric Co.

Additionally, it is planning to invest in Indonesian and the Philippines banks, although details about the deals remain undisclosed.