MUFG pursues $10.6 billion recapitalisation

10/28/2008 | (Hong Kong)

Mitsubishi UFJ Financial Group hopes to raise $10.6 billion by selling common and preferred shares to replenish its capital, after investing $9 billion in Morgan Stanley. Japan's biggest bank by assets, MUFG has hardly any exposure to subprime-linked securities, but it has extensive holdings in equities that are rapidly losing value as stock markets continue to slide. The bank's shares fell 14.6% after the plan was announced.

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