Mitsubishi UFJ Financial Group’s securities joint venture with Morgan Stanley will take a majority stake in the Japanese bank’s wealth-management business.

Mitsubishi UFJ Morgan Stanley Securities Co will hold 75 per cent of the private banking unit of the Japanese lender, according to a statement by Mitsubishi on the latter firm’s corporate website. Mitsubishi UFJ’s main commercial banking unit will hold the remaining 25 percent. The transaction, subject to regulatory approvals, is due on 10 January next year.

The venture had been called Mitsubishi UFJ Merrill Lynch PB Securities Co; the operation will be renamed as Mitsubishi UFJ Morgan Stanley PB Securities Co.

“In connection with its new shareholdings, the company will enter into a new service agreement with Morgan Stanley. The company will leverage MUFG’s broad customer base, utilise Morgan Stanley’s global and high quality insight, and further its collaborations with other group companies by strengthening its coordination with Mitsubishi UFJ Morgan Stanley Securities, a joint venture securities company between MUFG and Morgan Stanley,” according to the statement.

“The company aims for further development of its wealth management business, which is already one of the largest in Japan,” it added.

Two years ago, following a period of market volatility, Mitsubishi UFJ Financial Group had said it remained “firmly committed to our long-term strategic alliance with Morgan Stanley. The special relationship we have formed remains core to our global business strategy.”