The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Asia’s GFC deals 10 years on – so who won?

Sovereign funds and Japanese banks fared differently in their financial crisis deals. Nomura seems to have achieved the least.


The global financial crisis, despite its weighty worldwide name, was really a crisis of US and European financial institutions. Asia was just the place that supplied the capital to save them.

First it was the sovereign wealth funds – China Investment Corporation (CIC) into Morgan Stanley, GIC (Singapore) into UBS and Citigroup, Temasek into Merrill Lynch and Barclays, Korea Investment Corporation (KIC) into Merrill – and then it was the Japanese banks. We are now at the 10th anniversary of MUFG resuscitating Morgan Stanley by writing a cheque for $9 billion and Nomura buying the Asian and European assets of Lehman.

It is fair to say, looking back, that one of those deals has fared rather better than the other. 

Euromoney has been talking to Nobuyuki Hirano, president and group chief executive of MUFG, and Morgan Stanley chief executive James Gorman on how their alliance has worked out. We can summarize it did the following things: stopped Morgan Stanley going under; provided an extremely welcome boost to MUFG’s profits consistently over the last 10 years; proved a useful investment (Morgan Stanley’s share price doubled from the struck price in 2008 and MUFG also got perpetual convertible preferred stock with a 10% dividend); and spawned a strikingly successful securities joint venture in Japan.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree