MUFG may be hit by $470m writedown on branch losses

This comes amidst an overall profit downturn hitting most Japanese banks.

Reuters reports that Mitsubishi UFJ Financial Group is reportedly planning to book a charge of $470m ($50b yen) as it closes or merges unprofitable branches in a bid to save costs.

MUFG, which has 500 branches in Japan, is slated to announce its annual results in May. At the end of the first nine months, it had already earned 90% of a projected full-year profit of $8.87b (950b yen).

Banks across the country have been reviewing their domestic operations amidst an overall profit downturn as negative interest rates engineered by the central bank are hitting players right in the gut, with regional banks faring the worst.

Also read: Negative interest rates batter small Japanese banks hard

“Important thing is, customers do not have to visit physical branches, then we can smoothly reduce branches,” said an MUFG official on condition of anonymity.

Here’s more from Reuters.

Also Read

Alliance Bank lowers fixed deposit rates

Weekly Global News Wrap: ECB raises concerns over UniCredit’s high turnover; China warns banks against “one-sided” credit pursuit

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit