Japanese banking giant Mitsubishi UFJ Financial Group, Inc. MTU and Hitachi, Ltd. have entered into a business alliance to boost their operations. The deal is likely to be closed in Aug 2016.Mitsubishi UFJ and its unit Mitsubishi UFJ Lease & Finance Company Limited are set to acquire 23% and 4.2% of Hitachi Capital Corporation from parent Hitachi, respectively. The transfer price has been settled at ¥108.1billion. Hitachi Capital separately revealed that it will purchase 3% of Mitsubishi UFJ Lease & Finance Company.Mitsubishi UFJ’s latest move comes in line with its focus on financing deals in several areas of infrastructure development including electric power and railroads, given its experience in global project finance. Notably, last month the company established Infrastructure Business Office in order to strengthen social infrastructure business worldwide through its expertise and know-how gained from business model evolution.In its release, Mitsubishi UFJ highlighted the competitive environment in the global infrastructure market with respect to order placement amid persistent scale expansion. While large-scale and long-term infrastructure projects with a financing wing as a tie-up are gaining influence, it has become difficult for manufacturers seeking financial assistance to tap such business opportunities.Being major players in the social infrastructure space, the alliance of Mitsubishi UFJ and Hitachi seeks to build a financial platform to offer support to infrastructure industry.Currently, Mitsubishi UFJ carries a Zack Rank #3 (Hold). Some better-ranked stocks in the foreign banks space include Australia & New Zealand Banking Group Limited ANZBY, Grupo Financiero Galicia S.A. GGAL and Shinhan Financial Group Company Limited SHG, each sporting a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MITSUBISHI-UFJ (MTU): Free Stock Analysis Report AUST&NZ BKG-ADR (ANZBY): Free Stock Analysis Report SHINHAN FIN-ADR (SHG): Free Stock Analysis Report GRUPO GALIC ADR (GGAL): Free Stock Analysis Report To read this article on Zacks.com click here.