Japanese banking firm Mitsubishi UFJ Financial Group (MUFG) has plans to grow in Asia and it is ready to make acquisitions, if necessary, reported Reuters.

“The first phase of our investment strategy was building footholds for commercial banking in Asia, and we are now moving into the second stage,” MUFG CEO Hironori Kamezawa told the news agency in an interview.

The second phase, according to him, will focus on utilising the group’s commercial bank divisions in the region for broader services including consumer lending.

“If we still have gaps (in our portfolio of businesses) to fill, we will do so through acquisitions,” Kamezawa added.

In November this year, MUFG signed a €596m (JPY87bn) deal to buy a 100% stake in HC Consumer Finance Philippines (HC Philippines) and 85% shares of PT Home Credit Indonesia (HC Indonesia).

Upon completion, MUFG’s Thailand subsidiary Bank of Ayudhya will own 75% each in HC Philippines and HC Indonesia, the subsidiaries of Netherlands-based consumer finance company Home Credit Group.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Tokyo-based lender has also stated that it intends to acquire both the securities division of Nomura Holdings in Thailand and SHB Finance, a key non-bank company in Vietnam, through Bank of Ayudhya.

Another target market, according to Kamezawa, is India. This year, MUFG established a $300m fund to support the nation’s mid- to late-stage startups.

“We will consider large-scale acquisitions when there are good opportunities,” he said, adding that the regulatory landscape in India made such acquisitions challenging.

Last week, Bloomberg reported that the Japanese bank is considering a $200m investment in Indonesian digital lender Akulaku, which is backed by Ant Group.