MUFG could be looking at foreign acquisition targets - report

16th August 2007
By Clare Watson

An executive at Japanese banking giant Mitsubishi UFJ Financial Group has told Reuters that the institution would not rule out pursuing the acquisition of a commercial bank in either Europe or the US in a move to expand its global footprint.

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The publication cited Norimichi Kanari, deputy president of Mitsubishi UFJ's (MUFJ) central banking arm, as saying that the firm would consider purchasing a banking group in one of these markets in order to enhance its business opportunities outside of its domestic market.

According to Reuters, the Japanese banking sector holds relatively few opportunities for expansion and so domestic financial institutions are increasingly looking at overseas markets.

MUFJ, which is Japan's largest bank, is active is more than 40 countries worldwide and has already penetrated the US market through its UnionBanCal Corporation arm, which owns Union Bank of California.

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