Exclusive | Japan banking giant MUFG bullish on China, Asia-Pacific growth as it bets on trade flows, ESG financing: Asia-Pacific CEO
- MUFG Bank and many of its clients, especially those in Hong Kong, are optimistic about the recovery in 2024, Asia-Pacific CEO says
- The bank’s parent is Japan’s biggest financial group, Mitsubishi UFJ Financial Group, which has total assets of US$2.9 trillion
Banking giant MUFG Bank’s corporate clients are bullish about China in the long run despite the country’s economic slowdown, according to a top executive at the Japanese lender.
“I have met several clients in Hong Kong in the past few days when I attended the Hong Kong Monetary Authority’s summit. While they are quite selective regarding their investment in China at the moment, they are still quite bullish about their investments in mainland China,” MUFG Bank’s Asia-Pacific CEO Masakazu Osawa told the Post in an exclusive video interview.
MUFG Bank’s parent is Japan’s biggest financial group, Mitsubishi UFJ Financial Group, which has total assets of US$2.9 trillion and reported a net profit of US$8.4 billion for the year to the end of March.
The lender operates in 50 markets worldwide, 19 of which are in Asia-Pacific, including Hong Kong, mainland China, India and Vietnam. It serves many multinational and domestic companies, while Asia-Pacific contributes about 30 per cent of the revenue and profits of the bank.
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MUFG CEO Masakazu Osawa says bank bullish on China, Asia-Pacific
“There is uncertainty in the short term because people might feel insecure that property prices could go down in mainland China and Hong Kong, which would affect consumption to some extent. But MUFG Bank and many of our clients, especially those in Hong Kong, are optimistic about the recovery in 2024,” Osawa said.
