Mitsubishi UFJ Financial Group is trying to boost its transaction banking business by hiring more people and expanding domestic money transfer services in Asia, as it plays catch-up with global peers, according to a senior executive.
Japan¡¯s largest lender has trailed behemoths JPMorgan Chase and HSBC Holdings over the past decade, but it is looking to capitalize on its competitive strengths in key Asian markets, Masahiro Matsumoto, global head of transaction banking at MUFG Bank, said in an interview.
MUFG has about 1,300 staff involved globally in the transaction-banking business, which refers to services offered to companies for mundane tasks such as cash management, billing, payments, and trade finance, typically supported by international networks.
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