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Mitsubishi Estate in JV with bank for planned redevelopment of Japanese branches

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Mitsubishi Estate in JV with bank for planned redevelopment of Japanese branches

Mitsubishi Estate Co. Ltd. was tapped by Mitsubishi UFJ Financial Group Inc. to partner up for a joint venture that is intended to weigh the bank's options for its more than 100 physical locations in Japan, the Nikkei Asian Review reported.

The move comes as Mitsubishi UFJ Financial unveiled its plans to reduce its traditional locations with tellers by half in the next six years, as its parent intends to establish joint branches that offer services like lending, trust banking and brokering.

Through Mitsubishi Estate's expertise, the venture will plan how to proceed in ensuring the local neighborhoods do well after branches are removed from their locations, which could include redeveloping the properties to incorporate commercial facilities or develop residential complexes.

The parties are still in talks to split ownership of the venture at 60/40, with the bank taking the bigger portion of the share and the joint venture to be a unit of the banking group, according to the Sept. 11 report.