Mitsubishi UFJ Financial Group

said Friday it would consider merging its investment banking unit with the Japanese operations of

Morgan Stanley

(MS) - Get Report

, according to reports.

Japanese public broadcaster

NHK

reported plans for the merger but didn't provide details or cite sources, the

Associated Press

reports.

"Assessing what kind of synergies there would be is something to be considered from now. There are many options including the establishment of a joint venture," Mitsubishi UFJ Securities CEO Yasumasa Gomi told

Reuters

.

Gomi said no agreement has been reached, contrary to the

NHK

report, according to

Reuters

.

A spokeswoman at Morgan Stanley in Tokyo said nothing has been decided but the two firms will continue talks on "all the options to maximize the strategic benefits of the global alliance," reports

Reuters

.

Mitsubishi UFJ last month agreed to buy a 21% stake in Morgan Stanley for $9 billion, making Mitsubishi UFJ the bank's top shareholder. And along with

Goldman Sachs

(GS) - Get Report

, Morgan Stanley last month registered with the

Federal Reserve

as a bank holding company.

This article was written by a staff member of TheStreet.com.