ID :
21856
Mon, 09/29/2008 - 11:18
Auther :
Shortlink :
https://oananews.org//node/21856
The shortlink copeid
UnionBanCal to Boost Asia Biz via Ties with Mitsubishi UFJ
Los Angeles, Sept. 28 (Jiji Press)--Union Bank of California
President and Chief Executive Officer Masaaki Tanaka has indicated the U.S. commercial bank's eagerness to strengthen its operations in Asia through a partnership with its parent, Japan's Mitsubishi UFJ Financial Group Inc.
The San Francisco-based bank will fully utilize the Japanese
megabank group's management resources and make the best use of the merits of
being part of the group, Tanaka said in a recent interview with Jiji Press,
expressing a resolve to expand the U.S. bank's services for corporate
clients in Asia.
Mitsubishi UFJ is now in the process of boosting its equity stake
in holding company UnionBanCal Corp. to 100 pct from around 65 pct. Union
Bank of California is the core subsidiary of UnionBanCal, for which Tanaka
also serves as president and CEO.
Out of consideration for the opinions of small shareholders, Union
Bank of California has been serving its customers by itself, without the
influence of the Japanese banking group, Tanaka said.
Once Mitsubishi UFJ takes full control of UnionBanCal, the bank
subsidiary will be able to create products and services desired by customers
without being asked whether the ideas came from itself or from Mitsubishi
UFJ group companies, Tanaka said.
Union Bank of California is considering the possibility of joining
hands with Bank of Tokyo-Mitsubishi UFJ, the core unit of Mitsubishi UFJ, in
expanding its international services for corporate clients, including in
China, he said.
Regarding its banking services for individual customers in the
United States, Tanaka said Union Bank of California is hoping to make a
full-scale entry into the out-of-state business and to strengthen its
services for wealthy customers.
Tanaka welcomed Mitsubishi UFJ's recent decision to acquire up to
20 pct of Morgan Stanley, saying that it would be a plus for the Japanese
banking group's international operations. When asked about impact of the
Mitsubishi UFJ-Morgan alliance on Union Bank of California, Tanaka said only
that various ideas are expected to emerge.
President and Chief Executive Officer Masaaki Tanaka has indicated the U.S. commercial bank's eagerness to strengthen its operations in Asia through a partnership with its parent, Japan's Mitsubishi UFJ Financial Group Inc.
The San Francisco-based bank will fully utilize the Japanese
megabank group's management resources and make the best use of the merits of
being part of the group, Tanaka said in a recent interview with Jiji Press,
expressing a resolve to expand the U.S. bank's services for corporate
clients in Asia.
Mitsubishi UFJ is now in the process of boosting its equity stake
in holding company UnionBanCal Corp. to 100 pct from around 65 pct. Union
Bank of California is the core subsidiary of UnionBanCal, for which Tanaka
also serves as president and CEO.
Out of consideration for the opinions of small shareholders, Union
Bank of California has been serving its customers by itself, without the
influence of the Japanese banking group, Tanaka said.
Once Mitsubishi UFJ takes full control of UnionBanCal, the bank
subsidiary will be able to create products and services desired by customers
without being asked whether the ideas came from itself or from Mitsubishi
UFJ group companies, Tanaka said.
Union Bank of California is considering the possibility of joining
hands with Bank of Tokyo-Mitsubishi UFJ, the core unit of Mitsubishi UFJ, in
expanding its international services for corporate clients, including in
China, he said.
Regarding its banking services for individual customers in the
United States, Tanaka said Union Bank of California is hoping to make a
full-scale entry into the out-of-state business and to strengthen its
services for wealthy customers.
Tanaka welcomed Mitsubishi UFJ's recent decision to acquire up to
20 pct of Morgan Stanley, saying that it would be a plus for the Japanese
banking group's international operations. When asked about impact of the
Mitsubishi UFJ-Morgan alliance on Union Bank of California, Tanaka said only
that various ideas are expected to emerge.
