Mitsubishi UFJ Lease & Finance will debut a railway and rail car maintenance business in the U.S. via a joint venture with The Greenbrier Companies as early as summer.
The Mitsubishi UFJ Financial Group unit will spend more than $1 billion for the deal with Greenbrier, the second-largest manufacturer of freight rail equipment in the U.S.
Management of MUFG’s U.S. railway fleet will be transferred from Greenbrier to the new venture. The Japanese banking giant began leasing rail cars in the U.S. in 2014, and MUFG hopes that adding maintenance to its operations will help expand the company’s business in the country.
Sumitomo Mitsui Financial Group revealed plans at the end of 2016 to acquire an American rail car leasing company. More businesses consider infrastructure a growth area, as U.S. President Donald Trump looks to boost investments in the sector.