Updated from 3:03 a.m. EDTJapanese bank Mitsubishi UFJ Financial ( MTU) and Morgan Stanley ( MS) announced Thursday the integration of the Japanese securities businesses of the two firms. Mitsubishi UFJ will own 60% of the new entity, while Morgan Stanley will hold the remaining 40%. Management of the new company will come from both companies. It will have five representative directors, made up of three from Mitsubishi UFJ and two from Morgan Stanley. Morgan Stanley will appoint the joint venture's chairman, while the Japanese bank will designate the venture's president and CEO. The new firm aims to "become a preeminent company in the Japanese securities industry by appropriately and swiftly addressing the advanced and diverse securities needs of wholesale and retail customers in Japan as well as by offering various Japan-related financial products and services to overseas customers," Mitsubishi UFJ said in a statement Thursday. The name of the new firm, which will be Japan's third-largest brokerage, has yet to be determined. The close of the transaction is slated for March 2010, the companies said. The two companies also said they are discussing working together in other areas and plan to announce those in the future. Mitsubishi UFJ last September invested $9 billion for a 21% stake in preferred shares in Morgan Stanley, a deal that allows the Japanese bank to convert the shares into common stock. Meanwhile, Mitsubishi UFJ Trust & Banking, the trust banking unit of Mitsubishi UFJ, said on Thursday it would delay its planned $255 million acquisition of Citigroup's ( C) Japanese trust bank, Reuters reports. Mitsubishi UFJ said in December it would buy NikkoCiti Trust & Banking for about 25 billion yen. The companies had planned to complete the deal by April 1, but they now aim to finalize it by the end of December, Reuters reports.