Mitsubishi UFJ Plans WealthNavi Buyout to Expand FinTech Capabilities [Yahoo! Finance]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Yahoo! Finance
move aligns with MUFG's plans to expand its financial technology (FinTech) capabilities and cater to households going online to invest more. MUFG is seeking to acquire WealthNavi through a tender offer for ¥1,950 per share and make it a wholly owned unit, according to a company filing on Friday. This represents an 84% premium over the fintech company's closing price on Thursday. While many people based in Japan have opted to save assets, the government has been pushing them to invest in financial markets, expanding a tax-free program, known as NISA (Nippon Individual Savings Account, a tax-exempt small investment program in Japan), to reduce the reliance on the public pension system. In February 2024, MUFG took around a 15% stake in WealthNavi as financial firms increasingly team up with fintech companies to expand their online services. WealthNavi provides online wealth management services, including automated cash transfers to investment products. MUFG's move to acquire Weal
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MUFG
News
- MUFG and DWS Group Launch Private Financing Strategic Venture for Project and Infrastructure Asset InvestmentsPR Newswire
- MUFG Announces Executive Leadership Changes Within its Securities Business [Yahoo! Finance]Yahoo! Finance
- BOJ Weighs Case for First Triple Hike Since Japan's Bubble Burst [Yahoo! Finance]Yahoo! Finance
- Nomura's Japan Corporate Bond Market Rank Slips After Probe [Yahoo! Finance Canada]Yahoo! Finance Canada
- First Sentier Investors announces key leadership appointments [Yahoo! Finance]Yahoo! Finance
MUFG
Earnings
- 8/2/24 - Beat
MUFG
Sec Filings
- 12/2/24 - Form 6-K
- 12/2/24 - Form 6-K
- 11/29/24 - Form 6-K
- MUFG's page on the SEC website