8306.T - Mitsubishi UFJ Financial Group, Inc.

Tokyo - Tokyo Delayed Price. Currency in JPY
566.30
+3.50 (+0.62%)
At close: 3:15PM JST
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Previous Close562.80
Open564.50
Bid566.20 x 0
Ask566.60 x 0
Day's Range564.00 - 569.60
52 Week Range490.50 - 603.00
Volume39,992,900
Avg. Volume34,630,136
Market Cap7.272T
Beta (5Y Monthly)1.39
PE Ratio (TTM)17.11
EPS (TTM)33.09
Earnings DateMay 13, 2020 - May 18, 2020
Forward Dividend & Yield25.00 (4.41%)
Ex-Dividend DateMar 30, 2020
1y Target Est830.30
  • Moody's

    Morgan Stanley Finance LLC -- Moody's reviews Morgan Stanley for upgrade (A3 senior/Prime-2)

    Rating Action: Moody's reviews Morgan Stanley for upgrade. Global Credit Research- 21 Feb 2020. New York, February 21, 2020-- Moody's Investors Service has placed on review for upgrade Morgan Stanley's ...

  • Masa and His Bankers Grab a Shared Ride
    Bloomberg

    Masa and His Bankers Grab a Shared Ride

    (Bloomberg Opinion) -- Mitsubishi UFJ Financial Group Inc. is investing more than $700 million in Southeast Asian ride-hailing giant Grab. It’s a three-way deal in which everyone gets what they currently lack.The Japanese megabank and the Singapore-headquartered “superapp,” a one-stop online shop spanning food to finance, get to plug gaps in their businesses. They also keep one of Grab’s existing backers sweet: Softbank Group Corp.’s founder Masayoshi Son will avoid the possibility of an inconvenient cash call from one of his most promising unicorns.It's no secret that Japanese banks are under pressure to expand overseas as negative interest rates bite at home. Fast-growing Southeast Asia offers an alternative. But there's a catch. Consumer spending in countries like Indonesia, where MUFG owns PT Bank Danamon, is going digital very rapidly — the region’s internet economy is expected to triple to $300 billion by 2025. That’s a lucrative pie for all banks and fintech firms. However, Japan’s banks aren’t exactly known for their digital spurs. Backing Grab gives the biggest Japanese lender a chance to earn them. MUFG intends to market a range of financial services from insurance to loans to Grab’s users, Taiga Uranaka of Bloomberg News reported Wednesday. What’s in it for Grab? After acquiring  Uber Technologies Inc.’s Southeast Asian operations two years ago, Grab is transforming itself from a ride-hailing service into an umbrella app with finance at its core. It hopes to pick up an online-only banking license in Singapore this summer. That alone will require Grab and its partner Singapore Telecommunications Ltd. to bring S$1.5 billion ($1.1 billion) in capital. Expanding the model elsewhere will be tricky if the unicorn relies too much on SoftBank and its Vision Fund, which it tapped for $1.5 billion last year.Enter MUFG, which has plenty of capital to underwrite credit risk in Indonesia, Thailand and the Philippines — countries where it already controls local retail banks. Those units can score borrowers looking for loans on the Grab app, as well as put up the actual funding. Having the regional network of a deep-pocketed Japanese institution in its corner should help Grab compete better against rival superapp Gojek, which has allied itself with Singapore's largest lender, DBS Group Holdings Ltd.(1)As for SoftBank, there must be huge sighs of relief all around. A core startup in its $100 billion Vision Fund’s portfolio won’t be relying on it for more cash. That’s one less mouth to feed in the wake of disastrous bets like office-sharing group WeWork — on which SoftBank took a $4.6 billion writedown — and dog-walking app Wag. SoftBank last week reported a 99% slump in operating profit for the quarter ended Dec. 31, and unveiled plans Thursday to borrow as much as 500 billion yen ($4.5 billion) by putting up shares of its Japanese telecom unit as collateral. Amid widening losses and mass layoffs at Oyo Hotels and Homes, a big SoftBank bet in India, funding Grab’s ambitious expansion is probably beyond Son’s present reach. And Grab must know that constraint.Yet, as Morningstar Inc. analyst Michael Makdad puts it, SoftBank is one of the biggest corporate borrowers for Japanese banks, one no large lender can afford to ignore or annoy. Writing a check for Grab gives MUFG a welcome chance to iron out any wrinkles from last year when it reportedly balked at contributing to a rescue package for WeWork. Learning new digital banking skills it can bring to its home market will be a bonus. Grab has plenty of room for Masa and his bankers to share the ride. (1) Interestingly, MUFG's leasing affiliate invested an undisclosed sum in Gojek last year.To contact the authors of this story: Nisha Gopalan at ngopalan3@bloomberg.netAndy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Biggest Japan Bank Kicks Off New Era With $700 Million Grab Bet
    Bloomberg

    Biggest Japan Bank Kicks Off New Era With $700 Million Grab Bet

    (Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.He’s not even the boss yet, but Mitsubishi UFJ Financial Group Inc.’s Hironori Kamezawa is already making his mark on Japan’s biggest bank.As the leader of MUFG’s digital push, Kamezawa is spearheading the lender’s $700 million investment in Singapore tech giant Grab, people with knowledge of the matter said. The deal, which equates to about 5% of Grab’s current estimated $14 billion value, may help MUFG tap the ride-hailing startup’s millions of app users and deepen its presence in Southeast Asia.Kamezawa, 58, was named chief executive officer last month, and he will take the post in April to steer the bank through challenges ranging from negative interest rates to the need to modernize services. Analysts have expected MUFG to accelerate its financial-technology efforts under the new leader, who has already been helming projects including the development of the bank’s digital coin.“Kamezawa as new CEO would like to put his imprint on the strategic direction at an early stage,” said Michael Makdad, an analyst at Morningstar Inc. in Tokyo.Read more on MUFG’s next chief executive The University of Tokyo mathematics graduate is a rare breed in an industry where most elites have either law or economics backgrounds. He has been digital transformation officer since 2017, overseeing efforts ranging from introducing more automation at branches to driving a blockchain payments initiative with U.S. firm Akamai Technologies Inc.Depending on the price paid for Grab, Kamezawa will need to justify the investment with synergies that boost MUFG’s Asian business, Makdad said.The deal is set to be MUFG’s biggest investment in a tech startup. Through the alliance, it intends to market a range of financial services from insurance to loans to Grab’s users, said a person familiar with the deal who wasn’t authorized to discuss the matter publicly.Grab is trying to build a regional super-app that offers a range of services including finance, payments and rides. The startup doesn’t disclose its number of users, but says its app has been downloaded onto more than 166 million mobile devices in the region.The digital hook-up would complement MUFG’s growing physical standing in Southeast Asia, through its units including Bangkok-based Bank of Ayudhya Pcl and the recently acquired PT Bank Danamon Indonesia.Read Gopalan and Mukherjee on MUFG, Grab and what it means for SoftbankIt could also give MUFG know-how in developing digital offerings at home, where the retail banking system remains heavily burdened by a reliance on cash and paperwork at branches. MUFG is even offering to pay customers to give up their passbooks and migrate to online platforms.“This is a noteworthy deal if true, since it could push forward MUFG’s offering of financial services on apps,” said Ken Takamiya, an analyst at Nomura Holdings Inc. in Tokyo. “The question is how fast they can start offering services and how the experience gained there will be utilized in the domestic business.”\--With assistance from Yoolim Lee.To contact the reporters on this story: Taiga Uranaka in Tokyo at turanaka@bloomberg.net;Yuki Hagiwara in Tokyo at yhagiwara1@bloomberg.netTo contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Americans Want To Save Their Hard-Earned Money But Are Not Fully Confident They Can Succeed
    PR Newswire

    Americans Want To Save Their Hard-Earned Money But Are Not Fully Confident They Can Succeed

    Half of Americans think that creating a basic saving plan is an important goal they would like to accomplish this year, but 28 percent feel it will be impossible to achieve, according to new research from PurePoint® Financial, a digital bank and division of MUFG Union Bank, N.A.

  • Japan’s Largest Bank Invests Over $700 Million in Grab
    Bloomberg

    Japan’s Largest Bank Invests Over $700 Million in Grab

    (Bloomberg) -- Japan’s Mitsubishi UFJ Financial Group Inc. is investing more than $700 million in Southeast Asian ride-hailing giant Grab, gaining access to millions across the region that use the mobile app to book cars and meals.The Japanese financial institution intends to market a range of financial services from insurance to loans to Grab’s users, said a person familiar with the deal who was not authorized to discuss the matter publicly.Grab, one of several ride-hailing giants backed by SoftBank Group Corp., is trying to build a regional super-app that offers a range of services including finance, payments and rides. The startup, one of Southeast Asia’s largest, doesn’t disclose its number of users -- which include many for food delivery -- but said its app has been downloaded onto more than 166 million mobile devices in the region. The car-hailing giant, which has taken in more than $2.6 billion from SoftBank alone, is on the hunt for more capital as it builds out and markets new services.MUFG and Grab intend to announce their alliance soon, the Nikkei reported earlier, citing unidentified people. A Grab representative had no immediate comment when contacted.Japan’s most valuable lender has been trying to build up its franchise in Southeast Asia, which it sees as an important growth driver to offset a slowing domestic market. Last year, the lender completed the takeover of PT Bank Danamon Indonesia. Incoming Chief Executive Officer Hironori Kamezawa, who was named to the top post last month, is now leading the bank’s digital efforts.Earlier this month, MUFG posted its first quarterly loss in a decade and cut its annual profit forecast after booking a hefty charge on the Indonesian acquisition. Lending profitability is under pressure as Japan heads into its fifth year of negative interest rates. Even so, MUFG’s rivals Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. eked out higher profits last quarter after seeing gains from lending income.MUFG Posts First Quarterly Loss in Decade on Danamon Charge (1)(Updates with details on MUFG from the fifth paragraph)\--With assistance from Yoolim Lee.To contact the reporter on this story: Taiga Uranaka in Tokyo at turanaka@bloomberg.netTo contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Edwin Chan, Marcus WrightFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • U.S. Raises China Criticism; Details on New Cases: Virus Update
    Bloomberg

    U.S. Raises China Criticism; Details on New Cases: Virus Update

    (Bloomberg) -- Total cases in China jumped by almost 15,000 after Hubei province, the epicenter of the coronavirus outbreak, revised its method for counting infections. A top WHO official said many of the added cases date back days and weeks.Two top Chinese officials were removed in the biggest political fallout so far from the epidemic, and a report said China may delay its annual political meeting. A senior Trump administration official raised doubts about China’s transparency over the virus.Japan reported its first death from the illness. The European Commission singled out the outbreak as a “key downside risk,” and the International Energy Agency warned global oil demand will drop this quarter for the first time in more than a decade.Bloomberg is tracking the outbreak on the terminal and online. For analysis of the impact from Bloomberg Economics, click hereKey DevelopmentsChina death toll at 1,367, up 254; cases rise to 59,804Hubei infections jump by 14,840; death toll 242. Read this explainerApple to reopen some stores in Beijing on FridayKnocking on Hell’s Door’: Surviving the Coronavirus in WuhanGrim Toll of Virus Deaths Will Get Worse as Outbreak AgesFears Grow of Virus Being Passed Around Quarantined Japan CruiseKudlow Criticizes China Transparency Over Virus (1:27 p.m. NY)The White House’s top economic adviser heightened U.S. criticism of China’s response to the coronavirus outbreak, echoing ongoing doubts about the accuracy of counts of new cases and deaths.“We thought there was better transparency coming out of China, but it doesn’t appear to be,” Larry Kudlow, director of the National Economic Council, told reporters at the White House Thursday.Kudlow said the U.S. was disappointed that American health experts still hadn’t been allowed in, and questioned the details behind the more than 13,000 cases China added to its total Thursday.“We don’t know if it’s contained in China. We thought they were tailing off in their headcount. It turns out that might not be the case,” Kudlow said. “On this particular matter, we are quite disappointed in China’s response.“China Considers Delaying Parliament Meeting, Kyodo Says (12:04 p.m. NY)China is considering whether it will postpone its national political meeting that is slated for March 5, the Japanese news organization Kyodo reported, citing unidentified sources close to the matter.The National People’s Congress gathering is China’s biggest annual political event, and any delay would be the first in decades.China’s economic targets for the year are usually published after the meeting. A final decision will be made based on when the coronavirus spread reaches its peak, Kyodo said.White House Raises Doubts About China Counts: Reports (11:56 a.m. NY)The Trump administration isn’t confident in the information coming out of China about the coronavirus, according to reports from Fox News and CNBC citing anonymous administration sources.Current counts from China put the number of cases of the new coronavirus at about 60,000, as of Thursday morning. Estimates by outside experts have for several weeks now suggested far higher figures that China’s numbers, and hospitals and health workers at the center of the outbreak in the province of Hubei have been overwhelmed.In public, Trump has repeatedly praised the Chinese government’s response, and tweeted last week to say he was impressed by Chinese President Xi Jinping’s leadership. At least 1,300 people have died from the virus, tens of millions of people have been put into a regional quarantine, and world governments have limited travel to China.The U.S. has offered to send health experts to the front lines of the outbreak, as part of a World Health Organization-led delegation to study the coronavirus and the illness it causes. U.S. officials have said those offers have been ignored so far, and the WHO declined to comment Thursday on whether Americans would be included.WHO Says Added Group of Cases Date Back Days, Weeks (10:45 a.m. NY)A top World Health Organization official said that the more than 13,000 new Chinese cases reported Thursday are older and don’t represent a sudden surge in new infections.“Most of these cases relate to a period going back over days and weeks, in some cases back to beginning out of the outbreak itself,” said Mike Ryan, executive director of the WHO Health Emergencies Programme. “This increase you’ve seen in the last 24 hours is largely down to how cases are being diagnosed and reported.”Early Thursday morning, authorities in Hubei province, where the outbreak is centered, said they could count cases diagnosed through clinical symptoms such as a cough, and a chest scan showing signs of pneumonia. The new criteria allow cases to be added without a positive diagnostic test.To read more on the increase in total cases, click here for Bloomberg’s explainer.Alibaba Warns of Impact on Chinese Economy (9:53 a.m. NY)Alibaba Group Holding Ltd., the Chinese e-commerce giant, warned that the coronavirus is exerting a fundamental impact on the country’s consumers and merchants, and will hurt its revenue growth in the current quarter.Alibaba, the first major Chinese technology corporation to report results since the epidemic emerged in January, said the virus is undermining production because many workers can’t get to or perform their jobs. It’s also changed buying patterns with consumers pulling back on discretionary spending, including travel and restaurants.Ralph Lauren Sees Sales Hit From Virus (8:08 a.m. NY)The apparel maker said its fourth quarter will take a sales hit of as much as $70 million because of the virus, while operating income from Asia will be as much as $45 million lower. Supply-chain disruptions in China could also affect a “small portion” of the company’s fourth-quarter orders globally. About two-thirds of Ralph Lauren’s stores in mainland China have been temporarily closed over the past week.Japan Reports First Death (7:22 a.m. NY)Japan confirmed its first death from the virus. The woman, in her 80s, resided in Kanagawa prefecture outside of Tokyo, Health Minister Katsunobu Kato told a press conference. She was being treated for a separate condition. Kyodo News reported that she had no known links to Wuhan. The case would be the third death outside mainland China.Chinese EV Maker NIO Delays Salary Payments (6:17 a.m. NY)Chairman William Li told employees that the cash-strapped electric-car maker will pay January salaries on Friday, six days behind schedule, because of difficulties stemming from the outbreak of the virus. NIO posted losses of more than $300 million in the quarter ended September -- the latest period for which the company’s financials are available.European Commission Calls Virus Key Downside Risk (6 p.m. HK)The virus risks further damping the outlook for European economic growth. The commission said the euro-area economy remains on a “steady path,” partly because its baseline assumption is that the outbreak peaks in the first quarter.The ECB is already on alert over the newly emerged threats. Spanish policy maker Pablo Hernandez de Cos added to the chorus of officials, saying the coronavirus is compounding risks for the region after some earlier signs of stabilization. Chief Economist Philip Lane said on Wednesday the economy could experience a “pretty serious short-term hit.”India Has Almost 16,000 Under Surveillance (5:24 p.m. HK)A community surveillance program is underway across 34 Indian states and union territories, Indian government said. India is screening passengers at 21 airports, international seaports and border crossings.H.K., Singapore Rugby Sevens Postponed (5:10 p.m. HK)Hong Kong Rugby Union and Sport Singapore confirmed plans to reschedule the World Rugby Sevens Series 2020 to October from April due to concerns related to novel coronavirus outbreak.IEA Sees First Global Oil Demand Drop in a Decade (5 p.m. HK)World fuel consumption -- which had previously been expected to grow by 800,000 barrels a day during the three-month period, compared with a year earlier -- will instead contract by 435,000 a day, the IEA said in its monthly oil market report.For 2020 as a whole, the virus will curb annual growth in global consumption by about 30% to 825,000 barrels a day, the lowest since 2011. The effects will be more significant than those of the 2003 SARS epidemic.Japanese Bank Quarantines Some Hong Kong Staff (4:59 p.m. HK)An employee of Mitsubishi UFJ Financial Group Inc. has been quarantined at home in Hong Kong after a family member was suspected of being infected with the new coronavirus, according to company memos seen by Bloomberg News.The employee, who is from the Japanese bank’s Quarry Bay office, is not infected. As a precautionary measure, other colleagues in the same office were also quarantined.China’s Confirmed Cases Climb Toward 60,000 (4:11 p.m. HK)China reported 15,152 additional coronavirus cases as of Feb. 12, with Hubei’s new method for counting infections accounting for the bulk of the additions.The death toll rose by 254, the National Health Commission said at briefing. That brings the total fatality rate in mainland China to 1,367.The NHC said there are 8,030 severe cases, while 5,911 have recovered or been discharged.Outside of mainland China, two deaths have been reported, one in Hong Kong and the other in the Philippines.Pernod Cuts Forecast as Coronavirus Hits Sales (4 p.m. HK)Pernod Ricard SA cut its forecast for full-year profit growth by about half, citing the effect of the coronavirus on sales of drinks including Jameson whiskey in the key Chinese market.It cited the “severe impact” of the virus, including bar and store closures in the outbreak’s epicenter, Hubei province. The maker of Martell Cognac joins a growing number of companies to lower their outlook for 2020 to account for the spread of the virus.Australia Extends Entry Ban From China (3:03 p.m. HK)Australia will extend its ban on people entering the country from mainland China due to the coronavirus for an extra week, Prime Minister Scott Morrison said. The original 14-day ban was due to expire on Saturday. Australia’s National Security Committee will review the need for the ban on a week-by-week basis, Morrison told reporters in Canberra.Hubei Province Extends Work Suspension (2:54 p.m. HK)China’s Hubei province, at the center of the coronavirus outbreak, is requiring that enterprises not resume work before Feb. 20, according to the local government.China Car Sales Plunge by Most in Eight Years (2:19 p.m. HK)Car sales in China plunged to fresh lows in January as the coronavirus kept buyers away from showrooms, intensifying the gloom hanging over the industry.Sales to dealerships fell 20% to 1.61 million cars last month, the China Association of Automobile Manufacturers said. That’s the biggest monthly drop since January 2012.The outbreak is exacerbating manufacturer and dealership woes in the world’s biggest market, which is also being hit by a slowing economy and trade tensions. Sales were heading for an unprecedented third straight annual decline even before the virus forced authorities to lock down the epicenter of Wuhan and beyond.China Replaces Officials in Hubei, Wuhan (12:15 p.m. HK)Jiang Chaoliang was removed from his post as Communist Party secretary for the central province of Hubei, the official Xinhua News Agency said. He was replaced by Ying Yong, the mayor of the financial hub Shanghai.At the same time, Ma Guoqiang was dismissed as party secretary of Wuhan, the city in Hubei where the outbreak originated. He was replaced by Wang Zhonglin, CCTV reported.The shakeup -- following Beijing’s decision to dispatch top officials to the hardest hit province of Hubei -- comes amid deepening concerns about early efforts to suppress information about the severity of the health crisis.Ma, the Communist Party’s highest ranking member in Wuhan, has said he was full of guilt and regret for not acting faster.China also replaced the head of its top agency overseeing Hong Kong. Authorities there have faced public criticism over their handling of the coronavirus outbreak, which has led to runs on surgical masks and toilet paper, shuttered schools through March and further deepened mistrust of the government after months of violent demonstrations.Japan Finds 44 More Cases on Cruise Ship (11:32 a.m. HK)Japanese Health Minister Katsunobu Kato said another 44 people on board the Diamond Princess cruise ship off Yokohama have tested positive for coronavirus infection.The new cases bring the total number of infections to 218 from the ship, which had about 3,700 people aboard when it was placed in quarantine last week. Kato said five people from the cruise ship are in serious condition after being infected with the virus.Kato said passengers will begin priority disembarkation on Friday. The Health Ministry said in a separate statement that passengers over 80 years old, those in rooms without windows and those with underlying conditions will be prioritized for being let off the ship.The Diamond Princess was placed under quarantine last week and checks were conducted after a passenger from Hong Kong who had been on the ship tested positive for the virus. The ship has become a case of concern because of the possibility of more infections in the vessel’s confined spaces, and the increased risks to elderly passengers.Hong Kong to Extend School Closure (10:31 a.m. HK)Hong Kong will extend the temporary closure of non-tertiary schools until March 16, Secretary for Education Kevin Yeung said in a briefing. Schools had been scheduled to resume March 2.Yeung said Hong Kong would decide on when to reopen schools with experts’ advice. Students are advised to make use of e-learning during campus closures.China’s Cases Jump by 15,000 After Counting Change (10 a.m. HK)The number of officially diagnosed coronavirus cases in the Chinese province of Hubei surged by 45% to nearly 50,000 after the Hubei provincial government began adding cases that were confirmed via imaging scans, alongside those confirmed with the previous method of nucleic acid testing kits.The abrupt spike reversed the declining growth trend of previous days. The Hubei national health commission said it would now start including cases confirmed by “clinical diagnosis,” which refers to using CT imaging scans to diagnose patients.Previously, many patients with pneumonia-like symptoms found via CT scans could not be diagnosed as positive without an additional nucleic acid test.Of 14,840 new cases, 13,332 are from the new category of clinical diagnosis using CT scans, said the statement. The death toll in Hubei rose by 242, of which 135 cases are from the new method of diagnosis, it said.It is unclear over which time period the number of cases in the new category were detected. In a press conference in Beijing Thursday afternoon, officials only took questions from state media, and no one asked about the data revisions.Outcast Cruise Ship to Moor in Cambodia (9:57 a.m. HK)The 2,257 passengers and crew aboard a luxury cruise liner that was barred by many ports over coronavirus fears will finally set foot on dry land, ending their ordeal.The outcast Westerdam was set to arrive in Cambodia’s Sihanoukville early Thursday, Holland America Line, part of Miami-based Carnival Corp., said in a statement. Thailand was the latest country to turn it away even after the operator said it had no reason to believe there were any cases of the deadly virus on board.U.S. Confirms 14th Coronavirus Case (8:48 a.m. HK)An American who was brought home on a State Department flight from central China became the 14th person with the infection in the U.S., the Centers for Disease Control and Prevention said.The patient was under quarantine at the same U.S. airbase in San Diego where another repatriated American was previously diagnosed with the disease known as Covid-19. There had been no contact between the two patients, who were on different flights coming out of China and were housed in separate facilities, indicating that the virus hadn’t spread between them.\--With assistance from Karen Leigh, Natalie Lung, Dandan Li, Iain Marlow, Isabel Reynolds, Dong Lyu, Sharon Chen, Thomas Buckley, Tian Ying, Lily Nonomiya, John Lauerman, Mark Schoifet, Jordan Fabian and Linly Lin.To contact Bloomberg News staff for this story: Michelle Fay Cortez in Minneapolis at mcortez@bloomberg.net;Robert Langreth in New York at rlangreth@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, ;Adveith Nair at anair29@bloomberg.net, ;Drew Armstrong at darmstrong17@bloomberg.net, Kenneth WongFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • MUFG Hong Kong Staff Told That Some Employees Under Quarantine
    Bloomberg

    MUFG Hong Kong Staff Told That Some Employees Under Quarantine

    (Bloomberg) -- An employee of Mitsubishi UFJ Financial Group Inc. has been quarantined at home in Hong Kong after a family member was suspected of being infected with the new coronavirus, according to company memos seen by Bloomberg News.The employee, who is from the Japanese bank’s Quarry Bay office, is not infected. As a precautionary measure, other colleagues in the same office were also quarantined until further notice, according to one of the memos.A spokeperson for MUFG said that no employee in its Hong Kong branch is infected, and that the bank doesn’t answer any questions about whether its employees’ family members are infected due to privacy protection. The Hong Kong branch is operating without closing, he added.Hong Kong is grappling to contain the virus, which is hurting an economy already reeling from months of pro-democracy protests. In a bid to prevent infections from spreading further, the city has extended a closure of schools until at least March 16, while various events have been scrapped.Hubei province -- where the virus was first identified -- reported a jump of almost 15,000 new cases after it revised the method for counting infections, sending the total number in China toward 60,000.To contact the reporters on this story: Denise Wee in Hong Kong at dwee10@bloomberg.net;Apple Lam in Hong Kong at alam271@bloomberg.netTo contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Russell WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    CORRECTED-Japan's MUFG, Mizuho in London rehiring spree despite Brexit

    Japan's MUFG and Mizuho have hired a total of nearly 100 staff in London in the last 6 months, bolstering their trading and investment banking teams despite industry concerns over Brexit's impact on financial services in Britain. Mizuho has hired more than 25 senior bankers and traders, while MUFG has hired seven senior investment bankers, an aviation finance team from Germany's DVB Bank and dozens of back office risk and compliance staff, information from sources and internal bank memos seen by Reuters show.

  • Greg Seibly Named as President of Union Bank and Head of Regional Banking
    PR Newswire

    Greg Seibly Named as President of Union Bank and Head of Regional Banking

    Union Bank today announced that Greg Seibly will be joining as President of Union Bank and Head of Regional Banking, effective March 2, 2020, and will be based in Southern California.

  • MUFG Just Posted Its First Quarterly Loss in a Decade
    Bloomberg

    MUFG Just Posted Its First Quarterly Loss in a Decade

    (Bloomberg) -- Follow Bloomberg on Telegram for all the investment news and analysis you need.Mitsubishi UFJ Financial Group Inc. posted its first quarterly loss in a decade and cut its annual profit forecast after booking a hefty charge on its stake in an Indonesian bank.Core lending business slumped in the quarter, underscoring the challenge for Hironori Kamezawa when he takes over from Kanetsugu Mike as chief executive officer in April. Gains from sales of shareholdings and bonds weren’t enough to prop up earnings, and bad-loan costs ticked higher, fiscal third-quarter results showed Tuesday.Japan’s biggest bank had already flagged the 207.4 billion yen ($1.9 billion) charge on its stake in PT Bank Danamon Indonesia, which reflects a drop in the share price of the recently acquired lender. Adding to the pain, it logged a 26.7 billion yen impairment on its U.S. banking operations, where it has had to refinance mortgages after the Federal Reserve cut interest rates.MUFG now expects full-year profit of 750 billion yen, down from 900 billion yen targeted previously. Investors shrugged off the loss, with the shares rising 0.9% on Wednesday morning in Tokyo, paring this year’s decline to less than 4%.“There were no major surprises,” Masahiko Sato, an analyst at SMBC Nikko Securities Inc., wrote in a note. MUFG could book profits from sales of foreign bonds in coming quarters, especially because U.S. long-term interest rates have been falling recently, he said.MUFG has relied on gains from overseas bond sales to drive earnings this fiscal year. Net operating profit climbed 5.5% in the nine months ended December, thanks to its global markets business which houses such transactions. Its customer segment, which includes banking and asset management, suffered declines in net operating profit.Lending profitability is under pressure as Japan heads into its fifth year of negative interest rates. Even so, MUFG’s rivals Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. eked out higher profit last quarter after seeing gains from lending income, results showed last week.MUFG said in December that it would book the writedown on its stake in Danamon during the quarter. The need for a charge has been looming ever since it completed its takeover in April, which triggered a sharp retreat in the small portion of Danamon shares still traded on the open market as they were removed from MSCI Inc.’s indexes.The bank said it could cancel the charge at the end of March if Danamon shares recover. It hasn’t disclosed the level at which a reversal would apply, but analysts estimate it at around 4,700 rupiah per share. Danamon traded at 3,440 Tuesday afternoon in Jakarta.Result HighlightsThe 25.7 billion yen net loss for the three months ended Dec. 31 compared with profit of 221.4 billion yen a year earlier, according to Bloomberg calculations based on nine-month figures released by the bank.Nine-month net income totaled 584.3 billion yen, about 78% of the revised goal.Gains on stock holdings totaled 35.8 billion yen in the quarter, compared with a loss a year earlier.(Updates with comment from analyst in the fifth paragraph)To contact the reporters on this story: Taiga Uranaka in Tokyo at turanaka@bloomberg.net;Yuki Hagiwara in Tokyo at yhagiwara1@bloomberg.netTo contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • MUFG reports first quarterly loss in decade on writedown at Indonesian unit
    Reuters

    MUFG reports first quarterly loss in decade on writedown at Indonesian unit

    Mitsubishi UFJ Financial Group Inc (MUFG) , Japan's largest lender by assets, reported a net loss in the third quarter, for the first time in nearly a decade, as its banking unit booked a one-off charge on an Indonesian subsidiary. MUFG's net loss came in at 25.7 billion yen ($236 million) in October-December, which compared with 221.4 billion yen net profit in the same period a year earlier, according to Reuters' calculation based on nine-month cumulative figures disclosed in a stock exchange filing. MUFG, which is in the midst of a leadership transition, said in December that its core unit MUFG Bank would book a one-off charge of about 207.4 billion yen ($1.9 billion) for the third quarter due to a drop in the share price of Bank Danamon .

  • Moody's

    Mitsubishi UFJ Lease & Finance Co., Ltd. -- Moody's assigns Prime-2 to MUL Asset Finance Corporation's backed USCP Program

    Moody's Japan K.K. has assigned a Prime-2 rating to MUL Asset Finance Corporation (MAF)'s US$500 million backed commercial paper program. Notes issued under MAF's USCP program will be unconditionally and irrevocably guarantee by the company's parent, Mitsubishi UFJ Lease & Finance Co., Ltd. (MUL, A3 stable) and they will be direct, unsecured, unsubordinated obligation of the guarantor.

  • Nintendo Drops Most Since April After Profit Misses Estimates
    Bloomberg

    Nintendo Drops Most Since April After Profit Misses Estimates

    (Bloomberg) -- Nintendo Co. fell the most in nine months after it missed estimates for quarterly profit and forecast full-year earnings that were short of expectations, raising concern about demand for its Switch game console.The shares fell as much as 4.7% in early trading in Tokyo on Friday, the biggest intraday drop since Apr. 26. A day earlier, Nintendo reported operating income of 168.7 billion yen ($1.5 billion) in the three months ended December, but that underwhelmed versus the 175.4 billion yen average projection.The lackluster results may fuel worries about the Switch console’s longevity, especially in a year when Microsoft Corp. and Sony Corp. are preparing to launch new machines for the holidays. Nintendo released a lower-cost Switch Lite in the fall, reaching out to more mainstream users, and that console has sold 5.19 million units to date, the company reported.“We expect the results to have a negative impact on the shares over the near term,” Hirotoshi Murakami, an analyst at Mitsubishi UFJ Morgan Stanley Securities Co., wrote in a report. “We will be closely watching efforts that Nintendo makes to overhaul its mobile games business.”Mobile game revenue rose about 11% from a year ago, totaling 36.9 billion yen in the nine months ended Dec. 31. Mario Kart Tour was a runaway hit on smartphone platforms: it was downloaded nearly 124 million times in its first month alone, comfortably eclipsing prior Nintendo mobile game debuts, Sensor Tower data showed.Fire Emblem Heroes has emerged as Nintendo’s biggest mobile earner, grossing $656 million since its launch almost two years ago, according to Sensor Tower. Nintendo’s total earnings from mobile games topped $1 billion to date across six titles, the researcher said in a report.Still, the company’s mobile business accounts for a tiny fraction of its earnings and it has fallen short of an earlier promise to launch two or three new titles per year. Nintendo has been criticized for being slow to roll out key features -- like the multiplayer functionality for Mario Kart Tour, which is still in beta -- Jefferies Group analyst Atul Goyal wrote in a report. The company has also offered little visibility for its future game pipeline, Goyal said.Nintendo’s holiday lineup included two new entries in the Pokemon franchise -- Pokemon Sword and Pokemon Shield -- which sold a combined 16 million units since debut on Nov. 15. Ring Fit Adventure, an $80 exercise game that comes with a flexible plastic ring attachment for a motion-capture setup, sold over 2 million units since its release in October, Nintendo said.“We expect investor interest to shift” to the company’s strategy for sustaining earnings growth in the fiscal year starting April, SMBC Nikko Securities Inc. analyst Eiji Maeda wrote in a report. “We focus on whether the firm announces strategies for further expanding Nintendo Switch sales, title lineups, and new smartphone game titles.”Nintendo and its local partner Tencent Holdings Ltd. began selling the Switch in China on Dec. 10, a move that excited Nintendo investors hopeful of tapping a new market. The optimism has been tampered by the historically lackluster performance of Sony’s PlayStation and Microsoft’s Xbox consoles, which haven’t had great success over several years of trying to crack the market where smartphones remain the dominant gaming platform.Read more: Nintendo Switch China Sales Could Reach 4 Million Units by MarchThe Switch maker also plans to launch a theme park attraction this summer at Universal Studios Japan in Osaka. Super Nintendo World will feature a Power Up Band wearable that lets visitors collect coins and battle bosses while exploring a physical environment. Users will track their progress via a smartphone app, the theme park operator owned by NBCUniversal LLC said earlier this month.Little is known about the attraction, which amounts to a mini theme park developed with Super Mario creator Shigeru Miyamoto. Universal Studios hinted it will follow classic Nintendo game themes, revolving around a mission to recover a golden mushroom stolen by Bowser Jr., a perennial Mario antagonist. Super Nintendo World will also make it to the operator’s parks in Hollywood, Orlando and Singapore, though no dates have been announced yet.Read more: Nintendo Plans Life-Sized Video Game at Universal Studios JapanTo contact the reporter on this story: Pavel Alpeyev in Tokyo at palpeyev@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • MUFG Union Bank Launches Real-Time Payments for Clients on the RTP® Network
    PR Newswire

    MUFG Union Bank Launches Real-Time Payments for Clients on the RTP® Network

    MUFG Union Bank N.A., today announced that receipt of real-time payments is available for its corporate, commercial, and retail clients via the RTP® network, operated by The Clearing House. The RTP network provides instantaneous receipt of payments, which increases payment certainty and funds availability, with funds immediately available for use. Real-time payments enable MUFG Union Bank clients to improve cash flow, manage working capital, and streamline processes.

  • Thomson Reuters StreetEvents

    Edited Transcript of 8306.T earnings conference call or presentation 16-Nov-18 4:00am GMT

    Q2 2019 Mitsubishi UFJ Financial Group Inc Earnings Presentation

  • Reuters

    Japan's MUFG replaces CEO after one year, digital chief to take helm

    Mitsubishi UFJ Financial Group Inc (MUFG), Japan's biggest lender, said on Friday it was replacing its CEO after one year and Hironori Kamezawa, who oversees its digital strategy, would be taking the reins. Outgoing CEO Kanetsugu Mike will become the group's deputy chairman but will remain as head of the core unit, MUFG Bank. Kamezawa, 58, currently deputy president, would be the first chief executive to have not previously headed MUFG Bank, a radical break with tradition.

  • Reuters

    Nikkei closes at 1-month high as hopes of global demand boost exporters

    Japan's benchmark share index on Friday marked its highest close in a month, after touching a 15-month peak earlier in the session, as hopes for a rebound in global demand and a softer yen drove broad-based gains. The Nikkei 225 Index closed 0.45% firmer at 24,041.26.

  • Reuters

    Nikkei hits 15-month high as global demand hopes boost exporters

    Japan's benchmark share index rose to its highest in 15 months on Friday, as hopes for rebounding global demand and a softer yen drove broad-based gains. The Nikkei 225 Index rose half a percentage point to touch its highest level since October 2018 and has added more than 1% this year.

  • PR Newswire

    Union Bank© Partners with FIS for Next Generation Banking Technology

    Union Bank and global technology leader FIS™ (NYSE: FIS) today announced a cooperative agreement to deliver a next-generation core banking platform to power the bank through its next iteration of digital offerings.

  • PR Newswire

    MUFG Union Bank Foundation Completes its Three-year, $3.5 Million Commitment to Address West Coast Affordable Housing Shortage

    Union Bank today announced it has completed the third installment of grants providing support to nearly 60 non-profit organizations throughout the West Coast. Under its Expanding Housing Opportunities (EHOP) strategic initiative, the bank's Corporate Social Responsibility (CSR) group is striving to expand access to affordable housing, particularly for low-and-moderate-income individuals and families. Over the last three years, Union Bank has granted nearly $3.5 million to carefully selected nonprofits through EHOP initiatives.