Mitsubishi UFJ to Raise Over 1 Trillion Yen

TOKYO (TheStreet) -- Mitsubishi UFJ(MTU Quote), Japan's biggest bank by assets, plans to issue 2.34 million shares to shore up its capital base.

The company said it also will issue 163 million shares for over-allotments, if necessary.

"In anticipation of changes in the global regulatory and competitive landscape, MUFG intends to secure its solid capital base through this capital increase in order to continue to contribute to the real economy, both domestically and globally, as a provider of a stable source of funds and financial intermediary functions," Mitusbishi UFJ said in a statement Monday.

Dow Jones Newswires said the share sale, which amounts to 1.056 trillion yen ($12.26 billion), would be the biggest share sale ever by a Japanese financial institution.

Tbe price of the offering will be set Dec. 14 to Dec. 16.

-- Reported by Joseph Woelfel in New York .

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