Japan's Top Bank Eyes Indian Acquisitions

11 Nov 2024 , 11:45 AM

Bullish on India, Mitsubishi UFJ Financial Group Inc. is actively seeking acquisition candidates to increase its footprint in the most populated country in the world.

Yasushi Itagaki, head of MUFG’s worldwide commercial banking unit, stated in an interview that the company’s objective is to boost its buyouts and investments in India and raise the yearly returns from them to 20% in ten years.

India’s energy demand is expected to increase due to its aspirations to become a manufacturing powerhouse, and the country currently has a large number of renewable projects, which presents prospects for MUFG as a loan provider, Itagaki said. It has stable politics and sound economic foundations. In these markets, the financial industry expands.

To grow in the main economy with the fastest rate of growth in the world, MUFG is up against a number of international lenders. For example, Sumitomo Mitsui Financial Group Inc. is thinking about how to overcome regulatory obstacles to become a more fully-fledged banking player in the nation, while domestic rival Mizuho Financial Group Inc. is investing in a financial services startup.

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