Morgan Stanley launches venture with Japanese bank

Mitsubishi UFJ paid $9 billion for a 21 percent stake in Morgan Stanley last year--which was none too soon for the then-ailing U.S. investment bank. At that point, some thought it might collapse.

But the partnership was always about more than mere rescue. In March they would merge their Japanese brokerage units into a new securities company. This week, they announced a new joint venture, Morgan Stanley MUFG Loan Partners, to pursue corporate finance business in America. We'll see if they can wrestle business away from big commercial banks active in the market. The two also announced a deal in which a MUFJ subsidiary, Bank of Tokyo-Mitsubishi UFJ, would provide commodities business to Morgan Stanley via referral. 

For more:
- here's an AP article

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