Japan's Mitsubishi UFJ Financial Group (MUFG) and Wall Street giant Morgan Stanley have agreed on basic terms to integrate their securities units here in late 2009, a report said Wednesday.
As part of efforts to strengthen its own domestic brokerage operations, MUFG, Japan's largest financial group, had proposed the integration, the Nikkei economic daily said without naming sources.
Once combined, Mitsubishi UFJ Securities and Morgan Stanley Japan Securities would be the third-largest securities house in Japan, it said.
MUFG has bought a 21 per cent stake in Morgan Stanley for $9 billion.
No comment from the bank was available on Wednesday, a public holiday in Japan.
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