Japan’s largest financial company is buying a 15 per cent stake in AMP Capital, a wholly owned subsidiary of AMP Limited (ASX:AMP).
Mitsubishi UFJ Financial Group will pay $425 million and its trust bank subsidiary will get a seat on AMP’s board and supply money to AMP to develop new financial products.
AMP Capital’s managing director says the move gives the company an opportunity to break into Japan.
AMP Limited reported a net profit of $332 million for the half year to June 30, 2011.
