Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group (MUFG)
is among Japan’s largest financial groups and one of the world’s leading banking
institutions. With headquarters in Chiyoda, Tokyo, MUFG operates a domestic network of 1261 branches and employs approximately 84,780 people. Key officials of the Group are Nobuo Kuroyanagi (President & CEO) and Ryosuke Tamakoshi (Chairman). Furthermore, MUFG
is listed on the stock exchanges of Tokyo, Nagoya, Osaka, as well as the New York Stock Exchange.
The Group was formed in 2005. The origins of the financial group can be traced back to the 1880s and the Yokohama Specie Bank, which later became the Bank of Tokyo. The same year, the Mitsubishi Bank was established by Yataro Iwasaki, a former samurai. The two banks merged in April 1996.
Almost a decade later, the Japanese financial giants Mitsubishi Tokyo Financial Group Inc and UFJ Holdings Inc commenced merger discussions. The merger was complete on October 1, 2005, creating the world’s largest financial group in terms of assets, estimated at $ 1.6 trillion. Prior to the merger, the Tokyo-based Mitsubishi Tokyo Financial Group was the 2nd largest banking institution in the country by the number of its assets. Based in Osaka and ranked as Japan's fourth banking group in terms of size, UFJ Holdings was created on April 1, 2001. Its establishment follows the merger between Toyo Trust and Banking (owned by the Toyota Motor Corporation), Tokai Bank, and Sanwa Bank.
The Group’s list of companies and holdings encompasses 60 associated companies and 256 domestic and overseas consolidated subsidiaries. Together with its subsidiaries, the Group is mainly engaged in the provision of banking and financial services
. The retail and corporate customers in Japan and around the world may choose between a wide range of savings instruments including: checking accounts and various types of deposits. Furthermore, the Group offers trust and investment products such as loan trusts and money trusts, investment trusts, etc. In addition, the company offers various security products such as housing loans and car loans, as well as pension funds. Customers may also benefit from the comprehensive advisory services in inheritance-related business transfers, mergers and acquisitions, and stock listings, among others. The company services and products are provided through mobile, telephone, and Internet banking. Moreover, the Group operates an automated teller machine network.
In September 2008, the MUFG announced its intent to purchase 20 percent of the American financial service provider Morgan Stanley.
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