Mitsubishi UFJ Trust & Banking Corp. will likely cancel its bid to buy NikkoCiti Trust and Banking Corp., a person close to the matter said Wednesday.

The trust banking unit of Mitsubishi UFJ Financial Group Inc. (8306.TO) last December agreed to buy the trust banking unit of Citigroup Japan for Y25 billion.

-By Atsuko Fukase, Dow Jones Newswires; 813-6895-7567; atsuko.fukase@dowjones.com