Bank of Tokyo-Mitsubishi UFJ Financial Group is on the hunt for acquisitions in the United States commercial banking market, Bloomberg reports. The bank's chief executive Takashi Oyamada said the bank's ambition was to be one of the world's leading commercial banks and the US market was attractive to it. Bank of Tokyo-Mitsubishi bought California-based Union Bank in 2008. Figures from the UK's Financial Conduct Authority show Britain's banks have so far paid out £23 billion since 2011 for mis-selling payment protection insurance, FT.com reports. However, almost half of this represents interest, meaning only £11.5 billion of the premiums have actually been repaid, according to the Professional Financial Claims Association. One 'conservative' estimate put the amount yet to be repaid - not including interest - at £22 billion. Banks have set aside more than £32 billion to date, out of which the £23 billion has been paid, meaning there is not enough to cover the extra.