The Norinchukin Bank, Mitsubishi UFJ Financial Group. Inc. (MUFG), and Mitsubishi UFJ NICOS Co., Ltd. (MUN) have announced that they have reached agreement on an initiative to strengthen and expand the strategic retail business alliance formed by the three parties in November 2005.
Through the transaction, The Norinchukin Bank (i) will receive cash as a result of the share exchange transaction between MUFG and Mitsubishi UFJ Nicos Co., Ltd. (“MUN”), of which The Norinchukin Bank currently holds 15% of shares, (ii) establish the joint venture company of which The Norinchukin Bank will hold 51% of shares with MUN mainly to provide settlement solutions to the JA Card business, and (iii) implement other consumer services with MUFG.
Jones Day is advising The Norinchukin Bank on the deal with a team led by Yuichiro Mori.
Involved fees earner: Yuichiro Mori – Jones Day;
Law Firms: Jones Day;
Clients: Norinchukin Bank;