The Manila office will assume operations from Singapore, Sydney and Taipei.
MUFG Bank will consolidate its functions from varied Asian branches including Singapore, Sydney and Taipei into a back-office center in Manila, Philippines, in a move that enables the Japanese lender to concentrate on boosting its more profitable operations amidst a nationwide profit crunch.
The integrated back office will handle foreign remittances, market transactions and transferring funds between banks but will eventually expand to other trading and financial operations.
The bank recently beefed up its Manila office 50 local hires which it plans to expand to 300 employees by 2024.
The move allows MUFG Bank to direct more resources to improve sales and earnings as Japanese banks have been bearing the brunt of unfavourable business conditions including ultra-low interest rates and diminishing loan demand, prompting lenders to cut costs and streamline operations.
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