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Byline: Charles Smith in Tokyo
Merrill Lynch & Co. has stepped up its planned investment in a joint venture with UFJ Bank to manage and collect nonperforming loans held by the Japanese group.
UFJ said Friday, Feb. 14, its New York-based partner will invest [yen]120 billion ($996 million), [yen]20 billion more than the amount Merrill originally agreed when it announced the deal with UFJ in December.
UFJ spokesman Naoki Hirokawa said the U.S. investment bank has agreed to increase its investment because due diligence carried out by Merrill on the loans UFJ plans to transfer to the joint venture yielded better-than-expected results.
Some of …