The largest Japanese bank, Mitsubishi UFJ Financial Group (MUFG), has secured access to the apparently promising Chinese mutual fund market. As rumored on Monday ininvestment circles, Mitsubishi UFJ Financial Group (MUFG) is set to take over the share of French BNP Paribas in its Chinese joint venture, SYWG BNP Paribas. The price for the 33 percent stake amounts to 50 million dollars (38.4 million euros), said in verhandlungsnahen circles.

The French bank has to follow existing laws and Chinese law separate from the share, as foreign investors may be present only through a single joint venture in China. Remaining after a BNP Paribas sell nor a joint venture with Fortis Haitong a market share around two percent.

Mitsubishi UFJ Financial Group (MUFG) would thereby entering the Chinese market created for investment funds, whose volume is estimated at 300 billion dollars. The bank reported to have sat through against about a dozen rivals, including the Japanese bank Nomura Holdings, the London-based Ashmore Group. More than 30 foreign financial firms, including JPMorgan and Credit Suisse, based in China joint venture.