In its annual report for the year ending 31 March 2024, MUFG Bank (Europe) N.V. ("the Bank"), detailed the successful completion of a three-year plan to increase revenue, reduce costs and maintain strict internal controls and governance. The phased programme of changes began in 2021, with the objective of bringing the Bank back to sustainable profitability. After three years the Bank has simplified functions and is a more streamlined organisation with diversified income streams from an expanded product suite and widened capabilities.
Chair of the Supervisory Board, Mr Wietze Reehoorn, commented,
"In the last financial year, the Bank met all the objectives of its business plan to improve revenue, efficiency and governance. A particular focus was the continued enhancement of the risk control environment to support MUFG's ambition to be the world's most trusted financial group.
The Bank is now working hard on the next phase of its strategy, building on opportunities for further growth and even greater customer focus."
CEO and President, Mr Harm Bots, added:
"The Bank's strategy remains committed to empowering a brighter future for our clients, colleagues and communities. We are developing our strategy and plan to achieve sustainable growth for the whole region.
We want to create a more integrated platform, making it easier for our clients to do business with us, reducing complexity, optimising governance and improving controls to ensure greater resilience."
Giving more detail about the financial performance of the Bank, Mark Selles, CFO, said:
"The Bank has simplified its operations and managed its overall cost base effectively, largely neutralising the impact of inflationary pressures.
The positive interest rate environment and robust top line growth helped deliver record results with net profit almost doubling to EUR 192m."
The full MUFG Bank (Europe) N.V. annual report for the financial year ending 31 March 2024 may be read here.
About MUFG Bank (Europe) N.V.