Tokyo-based financial company Mitsubishi UFJ Financial Group (MUFG) has rebranded and renamed its core commercial banking subsidiary, The Bank of Tokyo-Mitsubishi to MUFG Bank.

The new name, which became effective from 1 April, was said to align with MUFG Group brand and reflects the steps that the company has taken to offer a broader portfolio of financial services to its customers.

Most of the bank’s foreign subsidiaries have also changed their name from the same day, while branches and subsidiaries in some countries will carry out the procedure at a later date.

MUFG Bank president and CEO Kanetsugu Mike said: “Although the bank’s name has changed, it’s important to understand that our dedication to serving customers, and our unyielding focus on lasting relationships, will continue even as we seek to expand our client base worldwide.

“Our goal is to build on MUFG Bank’s proud heritage as a trusted global bank while seamlessly providing innovative solutions to customers in a rapidly changing financial landscape.”

Offering various banking products and services, MUFG Bank serves more than half a million corporate customers across 50 countries.

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Mike added: “Now, with the new MUFG Bank name, we are better able to promote our “MUFG” master brand and reinforce the group-oriented promotion of our business.”

Recently, MUFG announced that its subsidiary Japan Digital Design has formed an alliance with ExaWizards to develop artificial intelligence (AI) to enhance financial services portfolio.