Bank of Tokyo-Mitsubishi UFJ opens at DIFCPress Release02 Sep 2007 08:58 am
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Japan's leading bank, has received a license from the Dubai Financial Services Authority (DFSA) to start operation as an authorized firm in the Dubai International Finance Centre (DIFC).
The bank’s new Dubai office will liaise with its existing BTMU Bahrain Branch and four Representative Offices in the Middle East (Abu Dhabi, Istanbul, Cairo, Tehran), as well as the Japan Desk of the National Bank of Abu Dhabi, located in Dubai. The new office will also access the network of 73 BTMU offices in Europe, Africa and Asia, areas which have deep financial ties with the Middle East, and which provide support and expertise for BTMU’s customers in the region.
Nasser Al Shaali, Chief Executive Officer, DIFC Authority, said: “The long and fruitful history of capital flows between the markets of East Asia and the Middle East continues with the opening of BTMU’s office at the DIFC. BTMU’s arrival here will contribute immensely to the corporate, government and project financing relationship between Japan and the wider Gulf region.”
Hideki Gohbara, General Manager of the BTMU Dubai office, said: “The opening of an office at the DIFC, which has already attracted a number of international financial institutions and investors, will allow us to expand on new opportunities in this dynamic market as well as meet the growing needs of our existing customers.
The license for BTMU is in line with the bank’s strategy of achieving the highest level of service, reliability and coverage for its customers across the globe.
BTMU, a commercial bank, forms the core part of Mitsubishi UFJ Financial Group (MUFG). MUFG is Japan’s leading financial group, with 1,261 domestic and 429 overseas offices. It is ranked by Bloomberg as the world’s 10th largest in aggregate market value.