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Mitsubishi UFJ to Take on Wall Street Banks in Lending Push

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Mitsubishi UFJ Financial Group Inc. is expanding its U.S. investment-banking unit to look more like its bigger Wall Street rivals.

The Japanese firm is pushing into areas of lending now dominated by U.S. rivals such as Wells Fargo & Co. and JPMorgan Chase & Co., Jon Lindenberg, Mitsubishi’s deputy head of investment banking in the Americas, said Tuesday in an interview at Bloomberg’s New York headquarters. The goal is to move beyond traditional strengths such as financing energy projects and become bigger players in receivables finance and asset-based finance, a borrowing method often used by inventory-intensive firms such as retailers.