News

Japan’s MUFG look online to boost and Africa and the Middle East-networking

TOKYO (Reuters) – MUFG Bank, Ltd. the plans for the roll-out of a web-based platform to assist clients in finding business partners in other countries outside of Asia, where, if you don’t have a strong network, an official with Japan’s largest lender, said.

FILE PHOTO: A man walks past a sign board of Mitsubishi UFJ Financial Group, MUFG Bank, headquartered in Tokyo, Japan, April 3, 2018. REUTERS/Toru Hanai

The MUFG Market Club is to be launched this month, will link to MUFG customers with a broader network of 13 other banks, such as Spain, Santander South Africa’s Standard Bank, said the official, who declined to be identified, as the information will not be disclosed to the public yet.

The move represents a recognition, by the MUFG Bank has failed to comply with the requirements of the Japanese customers are looking to expand in Africa, the Middle East and parts of Europe, you do not have a strong presence or a local partner, an official told Reuters this week.

MUFG’s Bank, the lending arm of the Mitsubishi UFJ Financial Group, one of the world’s largest banks by assets.

“There are some customers who want to bring their products to sell, such as cosmetic products, accessories, and for the sake, not of the Asian countries,” the official said.

Japan’s big banks have generally followed the lead of their big customers to move to a foreign country. MUFG has a presence in the United States, canada, the United Kingdom and around the world, including an extensive network in the Asia pacific.

It has interests in PT Bank Danamon Indonesia, Tbk, Thailand’s Bank of Ayudhya Pcl Security Bank Corp, the Philippines and Vietnam-based VietinBank. The tires are reflecting Japan’s status as a top exporter to these countries, accounting for $83 billion in exports by 2018, according to the IMF trade data.

By contrast, Japanese firms and banks have lagged behind Chinese rivals in other emerging markets, particularly those in sub-Saharan Africa. Standard Bank, Africa’s largest lender by assets, is 20 percent owned by Industrial and Commercial Bank of China

While the new service will be provided for free, MUFG is betting that will mean new business as well as customers in need of foreign currencies foreign currency transactions or investments.

The goal is to get at least 300 clients will be registered on the platform, the officer said.

Reporting by Takashi Umekawa and Takaya Yamaguchi; Editing by David Dolan and Sherry Jacob-Phillips

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular