The lender was reported by Bloomberg as saying that it is seeking for targets mainly on the west coast to expand its commercial banking operations.
Tokyo-Mitsubishi UFJ bank president Nobuyuki Hirano, who will take the bank’s management responsibilities from group president Katsunori Nagayasu said the bank is increasing the reach of its global commercial banking, that’s its core business.
Mitsubishi UFJ boosted its growth initiative in the US by acquiring 22% stake in Morgan Stanley last year and San Francisco-based UnionBankCal in 2008.
The bank has already widened its presence at west coast through the acquisition of Santa Barbara and California-based Pacific Capital Bancorp for about $1.5bn.
As of 31 December 2011, Mitsubishi UFJ boosted the overseas lending 9.6% to JPY18.2 trillion ($220.66bn) from JPY16.6 trillion ($201.22bn) in March 2010.
The firm is also looking for overseas expansion and as part of this strategy it had acquired Royal Bank of Scotland aviation unit for $7.3bn.
Mitsuibishi UFJ Financial is the largest financial company of Japan and is also second largest bank holding company with US$1.6 trillion in deposits as of March 2010.
