Friday 19 April 2019

Japan group rebrands subsidiary as MUFG Bank

DUBAI, July 16, 2018

Mitsubishi UFJ Financial Group (MUFG) has announced that its core banking subsidiary has been renamed MUFG Bank as part of a global initiative to bring together its banking operations under one brand.

This is part of a global shift by Japan’s largest financial group to leverage its strength and expertise, providing seamless financial solutions to clients around the world.

MUFG’s presence in the Middle East dates back to 1926, and has branches today in Dubai, Abu Dhabi, and Bahrain, and a marketing office in Doha. In late 2018, MUFG will also open a new branch in Riyadh.

MUFG’s international network spans over 50 countries and it is one of the world’s leading financial groups with total assets of approximately $2.7 trillion.

The name change will strengthen the bank’s identity as part of the wider MUFG group. It is a core part of the group’s strategy to grow in the Middle East, and across EMEA more widely.  In addition to traditional corporate banking, MUFG offers its clients a full range of services including capital markets, credit, rates, equities, structured products, trade finance, structured finance and trust banking.  

MUFG Bank’s president and CEO Kanetsugu Mike said: “MUFG Bank’s business has expanded globally, thanks to the trust and enduring client relationships developed over decades. Although the bank’s name has changed, it’s important to remember that our dedication to serving our customers and our focus on lasting relationships will continue. MUFG Bank aims to seamlessly provide innovative solutions to customers in a rapidly changing financial landscape, and will seek to further expand its customer base worldwide.”

Masahiro Kuwahara, CEO of MUFG in EMEA, added: “MUFG has been carefully building its presence in the Middle East over many years. We know our clients increasingly need global solutions to their complex needs, and meeting this requirement will always be our priority. This announcement reflects both our desire to seamlessly deliver these solutions, and our long-term commitment to the Middle East. As one MUFG globally, we look forward to supporting many more clients with the achievement of their strategic aims, whether they are looking to raise, move or hedge money.”

The change is effective from July 16 and the bank’s relevant legal entity names have been renamed as follows:

•    The Bank of Tokyo Mitsubishi, DIFC-Dubai has been renamed MUFG Bank, Ltd., DIFC Branch – Dubai
•    The Bank of Tokyo Mitsubishi, Bahrain has been renamed MUFG Bank, Ltd., Bahrain Branch
•    The Bank of Tokyo Mitsubishi, Doha has been renamed MUFG Bank, Ltd., Doha Office
•    The Bank of Tokyo Mitsubishi, Abu Dhabi has been renamed MUFG Bank, Ltd., Abu Dhabi Branch (effective as of June 25). – TradeArabia News Service


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