MUFG Bank is a Japanese lender. The Bank on Wednesday announced that it would begin operations from the Gujarat International Finance Tec-City (GIFT). The Japanese Bank got approval from the International Financial Services Centres Authority of India in early May.
Besides, the Financial Services Agency of Japan approved opening a branch in Gujarat.
The first branch of MUFG came up in 1953 in Mumbai. After that, it opened a few branches in India, and a new branch will open at GIFT City. So in total, it will have six MUFG Bank branches in India.
Other cities with MUFG centres are New Delhi, Chennai, Neemrana and Bengaluru.
The Bank is moving forward and striving to leverage the rising office footprint. As a result, it will provide a more extensive suite of financial services to fulfil the diverse needs of the customers.
The Bank states that India’s growth story is phenomenal. Shashank Joshi, Deputy CEO of India, says it is the first branch of GIFT to have a Japanese bank branch. The CEO expressed gratitude to Prime Minister Narendra Modi for the recognition.
Further, he adds, “ We are fully committed to leveraging our presence in GIFT City to contribute to India’s vision of being a gateway to the world.”
He believes that the Bank will harness its capabilities and relationships to have great collaborations. Also, to increase the business synergies between India and Japan.
Mitsubishi UFJ Financial Group is the Mitsubishi UFJ Financial Group Inc. It is the first branch to get approval to open a branch in GIFT city. The Bank plans to open the branch in the first half of the fiscal year 2022.
The Bank said, “ We will proceed with preparations to open the GIFT branch.”
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