As predicted, here is the first example of Asian Banks seeking positive investment opportunities amongst the American Banks. In this case they are being characteristically careful and investing in one they already know.

FT.com / Lex / Financial services & property – MUFJ/UnionBanCal

The second is that the would-be buyer is Japanese. Mitsubishi UFJ wants to buy the 35 per cent it does not already own of UnionBanCal for $63 a share, implying a valuation of $8.8bn for the owner of Union Bank of California. Relatively unscathed, Japanese banks have already lent a financial hand to struggling global peers. MUFJ has bigger plans.