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

Mitsubishi UFJ Morgan Stanley Securities will hold 75% of the private banking unit of Japan’s biggest lender, the two companies said in a statement in Tokyo last week, without disclosing a price. Mitsubishi UFJ’s main commercial banking unit will hold the remaining 25%.

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