Morgan Stanley to sell 20 percent stake in Mitsubishi

NEW YORK (Reuters)Morgan Stanley agreed to sell an equity stake of as much as $8.5 billion to top Japanese bank Mitsubishi UFJ Financial Group Inc, speeding up its transformation into a commercial bank and improving its survival prospects in turbulent times.

The preliminary investment agreement announced on Monday came a day after Morgan Stanley and archrival Goldman Sachs Group Inc were granted approval to become bank holding companies regulated by the U.S. Federal Reserve. The moves effectively ends the investment banking model that dominated Wall Street for more than 20 years.

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~ by spyaokid on September 29, 2008.

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