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Japan’s Mitsubishi UFJ moving into 2nd stage of expansion in Asia

Japan’s biggest banking group, Mitsubishi UFJ Financial Group, is now moving into the second stage of its expansion in Asia. Chief executive Hironori Kamezawa said that the second phase will focus on leveraging the group’s commercial bank units in the region for broader services, including consumer finance. The first phase of their investment strategy was building footholds for commercial banking in Asia. Mitsubishi UFJ also said it is ready to embark on more acquisitions if needed. This year the group announced a USD620m deal to buy the Philippine and Indonesian units of Dutch consumer finance company Home Credit Group (HC). Its Thai unit Bank of Ayudhya will own 75 percent each of HC Philippines and HC Indonesia when the deal is completed next year.

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