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Banking

Japan: special focus

Aiful and Isda; Japan’s megabanks raising capital; Morgan Stanley/MUFG

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Confidential documents taken
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Aiful creditors worry as Isda dithers on default decision
 

November 18, 2009

  • Investors furious at status of up to $1.5 billion of contracts

  • Credibility of CDS market in Japan is at stake








Japan's megabanks underperforming again

Japanese megabanks to raise more capital 

November 19, 2009

  • Reluctant investors under pressure to buy, while bookrunners await fee bonanza

  • Analysts say extra capital will not solve banks’ inherent problems








Morgan Stanley/MUFG


Morgan Stanley/MUFG timeline:

October 2008 
Mitsubishi UFJ invests $9 billion in Morgan Stanley, giving MUFG a 21 percent ownership interest in Morgan Stanley on a fully diluted basis.

March 2009
Joint venture announced. Intended to create a single venture, which was thought to be how Morgan Stanley would fare better than previous foreigners attempting to penetrate the market.

November 2009
MUFG and Morgan Stanley update plans to fully merge securities operations. In the new arrangement, MorganStanley/MUFG
will maintain two subsidiaries, ‘MUMSS’ and 'MSMS'

Morgan Stanley/MUFG revise brokerage agreement

November 19, 2009

  • Complex new arrangement splits venture in two

  • MUFG CEO says no sale of stake in MS for now

Japan: Amid turmoil, Morgan Stanley gains local clout

October 2009 

Morgan Stanley’s new tie-up with Mitsubishi UFJ Securities has begun to bear fruit for the US bank, amid yet another period of turmoil for Japan’s local investment banking franchises.


Can Morgan Stanley/MUFG venture crack the securities market?

June 2009

The revolving door of foreign participation in Japanese domestic brokerage has taken a few more turns this year.





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