MUFG has been named as Bank of the Year, Japan by The Banker magazine.
The award takes into account not just financial performance over the past twelve months, but an engaging strategy that enabled the bank to overcome regulatory, competitive, and economic hurdles, as well as a cohesive digital strategy to the benefit of its customers.
Nobuyuki Hirano, President and CEO of MUFG, said:
"We have formulated initiatives for accelerating evolution.These include growing our overseas network and pursuing core businesses with due consideration given to the geographical distribution of MUFG's global network encompassing Asia, the Americas, and Europe.
Although we began by serving mainly Japanese companies, our current customer portfolio excluding Japan consists mainly of major foreign companies; in fact, they now account for around 70%. Breaking away from a business model that is overly dependent on lending, we have also shifted to a cross-selling business structure involving transaction banking, including cash management, market products and capital market transactions, thereby enhancing RORA.
We have also significantly expanded our overseas business over the past five years. In the fiscal year 2015, MUFG's overseas business generated a net operating profit of approximately ¥460 billion, double that of fiscal 2010 (approximately ¥230 billion). Over the same period, our overseas business has grown from 20% to 36% of the earnings of MUFG's customer facing business, with the proportion attributable to our core commercial bank BTMU similarly rising from 30% to 51%.
We will continue to firmly root our operations on a local basis while steadily advancing them on a global basis."