Mitsubishi UFJ Financial Group, Japan’s largest financial services group, is consolidating its private banking subsidiaries in Japan and pla...

Mitsubishi UFJ Financial Group, Japan’s largest financial services group, is consolidating its private banking subsidiaries in Japan and plans to close down UFJ Bank (Switzerland), which is based in Zurich. The Japanese bank is expected to transfer assets to its Geneva-based subsidiary Mitsubishi UFJ Wealth Management Bank, although it is not clear how the staff of the Zurich subsidiary will be affected by the closure. The UFJ Group merged with Mitsubishi Tokyo Financial Group last year, which created one of the largest financial groups in the world. Recently Mitsubishi UFJ Financial Group teamed up with Merrill Lynch to launch a wealth management business in Japan.