Mitsubishi UFJ Financial Group eyes expansive growth in India amidst positive economic outlook: Report
Japan's largest bank, Mitsubishi UFJ Financial Group Inc., is set to further bolster its footprint in India, buoyed by key investments and a steadfast belief in the nation's robust economic growth.
Mitsubishi UFJ Financial Group Inc., the largest bank in Japan, is seeking to expand its presence in India following strategic investments aimed at harnessing the growth potential of the South Asian nation, according to a report by Bloomberg.
Hironori Kamezawa, the CEO of the bank, expressed confidence in India's economic growth, stating, "For India, economic growth is not something that will be a challenge; it's a sure thing," as quoted by the Bloomberg report. With India's economy projected to grow by 7% in the year ending March, global financial institutions and private equity firms are actively entering the Indian market, attracted by its positive capital market performance, especially in contrast to concerns about the Chinese market.
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Over recent years, Japan's leading lender has been strengthening its operations in India. In August of the previous year, it inaugurated a branch in the Gujarat International Finance Tec-City, a prominent financial hub and a flagship project of Prime Minister Narendra Modi. The bank also established a fund targeting middle- to late-stage Indian startups and acquired a stake in DMI Finance Private Limited, an Indian fintech company, the report further added.
Kamezawa expressed the bank's desire to further expand its presence in India, emphasizing that the country also serves as a location for the bank's back office operations center. In comparison with China, where the bank will adopt a selective approach due to various risks, India's appeal as an investment destination is rising. Kamezawa noted, "I think as an investment destination, India could attract the money that might want to avoid China," as quoted in the report.
(With inputs from Bloomberg)
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First Published:22 Dec 2023, 09:40 AM IST
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