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logoMorningstarJanuary 11, 2021

Mitsubishi UFJ Financial Group, Inc.: Mitsubishi UFJ Financial Group Is Japan's Largest and Most Global Banking Group

Financial Services
Current Price
Fair Value
Economic Moat

Mitsubishi UFJ Financial Group is the largest bank in Japan in terms of market capitalization and assets with an 8.9% share of all domestic loans as of June 2020. It is the largest non-Chinese bank group globally and has a balance sheet slightly larger than those of JPMorgan Chase and HSBC Holdings. MUFG’s operations in Japan account for around half of profit, Bank of Ayudhya in Thailand around 10%, banking operations in the U.S. around 12% and equity-method earnings from Morgan Stanley more than 20%. We expect newly consolidated Bank Danamon in Indonesia to contribute 2%-3% of total earnings going forward.

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Analyst Profile

Michael Makdad

Equity Analyst
Michael Makdad is a senior equity analyst for Ibbotson Associates Japan, Inc., a wholly owned subsidiary of Morningstar, Inc. He covers financial and real estate firms.Before joining Morningstar in 2018, Makdad worked in equity and credit research in Tokyo and Hong Kong since 2005 for Lehman Brothers, Nomura, Moody’s, and Haitong Securities. He worked as a sector analyst and in roles where he supervised the research product content and presentation for other analysts across the Asia region.Makdad holds bachelor’s and master’s degrees in business administration from Washington University in St. Louis. He also holds the Chartered Financial Analyst® designation.