Mitsubishi UFJ Financial Group Inc. plans to repurchase up to 100 million shares for up to ¥50 billion.

The bank said May 15 that it will repurchase the shares, equivalent to 0.76% of its total number of issued shares, from May 16 to June 30. It will then cancel all the repurchased shares July 20.

MUFJ said the repurchase will help it enhance shareholder returns and improve capital efficiency.

As of May 14, US$1 was equivalent to ¥109.61.