MUFG acquires robo-advisory firm WealthNavi Inc at ¥1,950 per share
MUFG Bank, a unit of Mitsubishi UFJ Financial Group, has announced that it will acquire all outstanding common shares of Japanese robo-advisory firm WealthNavi Inc at ¥1,950 per share and make it a wholly owned subsidiary. The bank took a 15% stake in WealthNavi in March 2024. The acquisition will cost about ¥99.6 billion and WealthNavi is expected to be delisted by March 2025. WealthNavi (CEO: Kazuhisa Shibayama) has a mission of "bringing wealth to the working generation" and provides the robo-advisor "WealthNavi", a service that fully automates "long-term, savings, and diversification" asset management for the working generation to have a rich retirement. Since the service was launched in July 2016, the company has continued to release new functions by utilizing its product development capabilities, and in February 2021, it began offering "Omakase NISA", which automatically manages assets in NISA accounts, and is fully compatible with the new ...