 | |
 Headquarters inMarunouchi, Tokyo; former head office of Mitsubishi Bank, then of Bank of Tokyo-Mitsubishi | |
Native name | 株式会社三菱UFJフィナンシャル・グループ |
|---|---|
Romanized name | Kabushiki gaisha Mitsubishi Yūefujei Finansharu Gurūpu |
| Company type | Public |
| Industry | Financial services |
| Predecessor |
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| Founded | 1 October 2005; 20 years ago (2005-10-01) (by merger) |
| Headquarters | 2-7-1Marunouchi, Chiyoda, Tokyo ,Japan |
Area served | Worldwide |
Key people | Kanetsugu Mike (chairman) Hironori Kamezawa (president and Group CEO) |
| Products | |
| Revenue |  JP¥4.495trillion (2013)[1] |
| JP¥1.069 trillion (2013)[1] | |
| AUM |  US$684 billion (2022)[2] |
| Total assets | US$3.1 trillion (2020)[3] |
| Total equity | JP¥10.608 trillion (2013)[1] |
| Owner | Mitsubishi Group |
Number of employees | 168,500 (2020)[4] |
| Subsidiaries | |
| Website | mufg.jp |
Mitsubishi UFJ Financial Group, Inc. (MUFG; 株式会社三菱UFJフィナンシャル・グループ,Kabushiki gaisha Mitsubishi Yūefujei Finansharu Gurūpu) is a Japanesebank holding andfinancial services company headquartered inChiyoda, Tokyo, Japan.[5] MUFG was created in 2005 by merger betweenMitsubishi Tokyo Financial Group (株式会社三菱東京フィナンシャル・グループ,Kabushiki kaisha mitsubishi tōkyō finansharu gurūpu) andUFJ Holdings (株式会社UFJホールディングス;kabushikigaisha yūefujei hōrudingusu). These two groups in turn brought together multiple predecessor banks includingMitsubishi Bank (est. 1880),Yokohama Specie Bank (est. 1880 as a policy bank, reorganized after World War II asBank of Tokyo),Sanwa Bank (est. 1933 by merger of prior institutions), andTokai Bank (est. 1941 by merger).
MUFG holdsassets of around US$2.7trillion as of 2024 and is the parent company of fully ownedMUFG Bank (branded Bank of Tokyo Mitsubishi UFJ or BTMU until July 2018[6]),Mitsubishi UFJ Trust and Banking Corporation,Mitsubishi UFJ Securities,Mitsubishi UFJ Capital, andMUFG Americas Holdings Corporation; majority shareholder ofBank Danamon in Indonesia,Bank of Ayudhya in Thailand, andMitsubishi UFJ NICOS in Japan; and a large minority shareholder in theMaster Trust Bank of Japan,Morgan Stanley in the United States,Security Bank in the Philippines, andVietinbank in Vietnam. It retains strong links with theMitsubishi Group and is often described as one of that group's "Three Great Houses", together withMitsubishi Corporation andMitsubishi Heavy Industries.[7]
MUFG is Japan's largest financial group and one of the world's ten largestbank holding companies holding around US$1.5 trillion (JP¥227 trillion) indeposits as of April 2024.[8] In Japan, it is the largest of the three so-called megabanks with $2.9 trillion in total assets at end-March 2023, ahead ofSMBC Group ($2.0 trillion) andMizuho Financial Group ($1.9 trillion).[9]
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MUFG was formed by three successive mergers in a sequence that lasted less than a decade, respectively betweenBank of Tokyo andMitsubishi Bank in 1996, betweenSanwa Bank,Tokai Bank andToyo Trust and Banking in 2000–2002, and between the two resulting entities in 2005. The institutions involved in these mergers combined multiple threads of Japanese financial history, going back to the earlyMeiji era. MUFG incorporates several of theNational Banks in Meiji Japan, which were numbered in accordance with their chronological date of establishment between 1873 and 1880:
Mitsubishi Bank and theBank of Tokyo merged in 1996 to form the Bank of Tokyo-Mitsubishi, which at that point was the world's largest bank in terms of total assets.[10] The Bank of Tokyo had historically focused on foreign exchange business since its foundation as theYokohama Specie Bank in 1880, while Mitsubishi Bank had had a stronger focus on domestic corporate and retail banking. Both banks were relatively healthy in the wake of theJapanese asset price bubble.[11] The merged bank was the fully owned subsidiary of Mitsubishi Tokyo Financial Group (MTFG), based in Tokyo.
Until the Tokyo-Mitsubishi merger in 1996,Sanwa Bank, which was based in Osaka and was the anchor of theSanwa Groupkeiretsu, had been considered the strongest bank in Japan, and it had aimed to be the world's largest bank during the "bubble era".[11] By 2000, however, Sanwa was the fourth largest bank in Japan. It entered into merger talks with two other large banks,Asahi Bank andTokai Bank, to create the world's third-largest bank by assets. Asahi pulled out of these talks later that year, and eventually became part ofResona Holdings.[12] By 2001, The Toyo Trust & Banking Co. had been added to the merger and the combined company was to be called United Financial Holdings.[13] The merger was completed in 2002 and the new bank was officially named UFJ Bank Ltd.[14]
UFJ Bank was headquartered inNagoya, the historical headquarters of Tokai Bank, while its parent UFJ Holdings (UFJH) was based inOsaka. During its short life, the group was plagued by bad debt problems and by infighting between the employees of its predecessor companies. UFJ was one of the largest shareholders ofToyota. The Chairman of Toyota was a director on its board during the financial scandals and indictments of three UFJ executives.
In July 2004, UFJ Holdings, by then Japan's fourth-largest financial group, offered to merge with the Mitsubishi Tokyo Financial Group. UFJ had been accused by the government ofcorruption and making bad loans to theyakuza crime syndicates. The takeover of UFJ by the Mitsubishi Tokyo Financial Group was challenged by theSumitomo Mitsui Financial Group which launched a competing takeover bid. MTFG ultimately prevailed in the fight, which appeared to signal an end to the clubby atmosphere that had prevailed in Japan's postwar banking industry.[15] MUFG and SMFG eventually settled the legal dispute for 2.5 billion yen in late 2006.[16]
The merged holding company MUFG, based on Tokyo, was formed on 1 October 2005 from the merger of MTFG and UFJH. The two banks, Bank of Tokyo-Mitsubishi and UFJ Bank, merged on 1 January 2006 to formMUFG Bank. The latter transaction was originally scheduled to take place on 1 October 2005, the same day that the parent companies were merged. However, pressure from Japan'sFinancial Services Agency, which wanted to ensure the smooth systems integration of the two banking giants, caused the merger of the banks to be postponed for three months. The trust banking and securities units of MTFG and UFJ were merged according to the original schedule on 1 October 2005.[citation needed]
Mitsubishi Bank and the Bank of Tokyo each had significant banking subsidiaries in California (Bank of California andUnion Bank respectively) before their merger. At the time of the merger, these U.S. banks also merged to formUnionBanCal Corporation. BTM listed UnionBanCal on the New York Stock Exchange in 1999. In 2008, BTMU purchased all of the outstanding shares of UnionBanCal. BTMU moved its New York-based banking operations to Union Bank and renamed the companyMUFG Union Bank in 2014.
BTMU was investigated by New York banking regulators over its role in routing payments for Iranian customers through its New York branch in violation of U.S. sanctions. BTMU settled with the state for $250 million in 2013. A second settlement was reached for $315 million in 2014 after it was found thatPricewaterhouseCoopers had altered an investigation report on the issue; PwC itself was fined $25 million in relation to the matter.[17]
In September 2008, MUFG signed a letter of intent withMorgan Stanley to form an alliance and purchase 20% of the American firm.[18]
In 2008 at the2008 ALB Japan Law Awards,[19] Mitsubishi UFJ was crowned:
In April 2011, MUFG andMorgan Stanley entered into an agreement to convert MUFG's outstanding convertible preferred stock in Morgan Stanley into Morgan Stanley stock.[20]
In June 2011, MUFG took a 9.99 percent stake inLynas Corp, an Australian rare earths developer.[21]
On 1 April 2018, the bank was renamed to MUFG Bank Ltd. This name change aligned the bank name with the holding company name by removing "Tokyo" from the name.[22][23]
On 31 October 2018, MUFG to acquire Australian Asset Manager,First Sentier Group.[24]
As of 31 March 2013:[1]
| Investment trusts managed by theJapan Trustee Services Bank | 7.47% |
| Investment trusts managed byThe Master Trust Bank of Japan | 4.44% |
| Nippon Life | 2.01% |
| ADR Holders (held bythe Bank of New York Mellon) | 1.94% |
| State Street | 1.53% |
| State Street (China clients) | 1.27% |
| Meiji Yasuda Life | 1.23% |
| JPMorgan Chase Bank, N.A. London Secs Lending Omnibus Account | 1.14% |
| Toyota | 1.05% |
{{cite web}}: CS1 maint: location (link)Established 1870 byIwasaki Yataro | ||
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