kids encyclopedia robot

MUFG Bank facts for kids

Kids Encyclopedia Facts
Quick facts for kids
MUFG Bank, Ltd.
株式会社三菱UFJ銀行
Formerly
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (三菱東京UFJ銀行) (2005–2017)
Subsidiary
Industry Financial services
Predecessor The Bank of Tokyo-Mitsubishi, Ltd.
UFJ Bank
Founded January 1, 2006; 19 years ago (2006-01-01)
(The Mitsubishi Bank, Ltd.; August 25, 1919)
(The Sanwa Bank, Ltd.; 1933)
(The Tokai Bank, Ltd.; 1941)
Headquarters
Chiyoda, Tokyo (Marunouchi 2-7-1, Chiyoda-ku, Tokyo, 100-8388, Japan)
,
Japan
Number of locations
868 branches (as of March 31, 2009)
Area served
Worldwide
Key people
Katsunori Nagayasu, (president)
Services Retail banking
Commercial banking
Investment banking
Revenue Decrease US$46.83 billion (2020)
Operating income
Decrease US$6.246 billion (2020)
Decrease US$2.7 billion (2020)
AUM Increase US$2.27 trillion (2020)
Number of employees
Increase 32,186 (2020)
Parent Mitsubishi UFJ Financial Group
Subsidiaries MUFG Americas Holdings Corporation
Senshu Ikeda Holdings
kabu.com Securities Co., Ltd.
Bank of Ayudhya
Bank Danamon
Bank of Tokyo-Mitsubishi UFJ (Nihonbashi branch)
Nihombashi Branch in Tokyo (former Bank of Tokyo headquarters)

MUFG Bank, Ltd. (株式会社三菱UFJ銀行, Kabushiki gaisha Mitsubishi UFJ Ginkō) is a very large bank from Japan. Its main office is in Marunouchi, Chiyoda, Tokyo. The bank has many branches, with 772 in Japan and 76 in other countries.

MUFG Bank was created on January 1, 2006. This happened when two other big banks, the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Limited, joined together. MUFG Bank is one of the three biggest banks in Japan, often called "megabanks." The other two are Sumitomo Mitsui Banking Corporation and Mizuho Bank.

This bank is a key part of the Mitsubishi UFJ Financial Group. It handles banking for regular people, businesses, and big investments. Traditionally, it worked mostly with Japanese companies. However, it has been growing its business with companies outside Japan.

As of June 2019, Mitsubishi UFJ Financial Group and MUFG Bank were the largest bank in Japan. They were also the third largest bank in the world.

History of MUFG Bank

How the Bank Was Formed

MUFG Bank came about through several mergers of different banks between 1996 and 2006.

Early Banks and Mergers

Mitsubishi Bank started in 1880. It was founded by Iwasaki Yatarō, a former samurai. This bank was a main part of the Mitsubishi Group of companies. In 1996, Mitsubishi Bank merged with The Bank of Tokyo. This new bank was called The Bank of Tokyo-Mitsubishi, Ltd. (株式会社東京三菱銀行, Kabushiki kaisha tōkyō mitsubishi ginkō). At that time, it was the largest bank in the world based on its total assets.

The Bank of Tokyo had always focused on dealing with money from other countries. It started as the Yokohama Specie Bank in 1880. Mitsubishi Bank, on the other hand, focused more on banking for people and businesses within Japan. Both banks were doing well before their merger.

Forming UFJ Bank

Before 1996, Sanwa Bank was considered a very strong bank in Japan. It was based in Osaka. By 2000, Sanwa was the fourth largest bank in Japan. It started talking about merging with two other big banks, Asahi Bank and Tokai Bank. The goal was to create the third-largest bank in the world. Asahi Bank later decided not to join.

By 2001, another bank, The Toyo Trust & Banking Co., joined the merger group. The new company was planned to be called United Financial Holdings of Japan. The merger happened in 2002. The new bank was officially named UFJ Bank Ltd. (株式会社ユーエフジェイ銀行, Kabushiki kaisha yūefujei ginkō). UFJ Bank's main office was in Nagoya. This was where Tokai Bank used to have its headquarters.

Creating MUFG Bank

The companies that owned Bank of Tokyo-Mitsubishi and UFJ Bank decided to merge in 2005. This created Japan's largest bank. The merger of the two main banking groups was finished on October 1, 2005. This formed the Mitsubishi UFJ Financial Group.

The main banking parts, the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd., kept working separately for a short time. Then, on January 1, 2006, these two parts combined. They formed The Bank of Tokyo-Mitsubishi UFJ, Ltd. This is the bank that later became MUFG Bank.

Operations After the Mergers

Mitsubishi Bank and the Bank of Tokyo both had important banking businesses in California, USA. These were Bank of California and Union Bank. When the Japanese banks merged, their U.S. banks also merged. They formed UnionBanCal Corporation.

In 2008, the Bank of Tokyo-Mitsubishi UFJ bought all the shares of UnionBanCal. In 2014, it moved its New York banking operations to Union Bank. The company was then renamed MUFG Union Bank.

On April 1, 2018, the bank changed its name again. It became MUFG Bank Ltd. (三菱UFJ銀行, Mitsubishi UFJ Ginkō). This new name matched the name of its parent company, Mitsubishi UFJ Financial Group (MUFG). It removed "Tokyo" from the name.

Holdings and Investments

MUFG Bank and its parent company, Mitsubishi UFJ Financial Group, own parts of many other companies around the world. These are some of their important investments:

  • UnionBanCal Corporation: They owned 100% of this company by 2008.
  • Chong Hing Bank: They own about 9.66% of this bank.
  • Morgan Stanley: They own about 22.41% of this big investment bank. In 2008, Mitsubishi UFJ Financial Group announced they would buy a large share of Morgan Stanley for US$9 billion. This deal was completed on October 14, 2008.
    • The payment to Morgan Stanley was a huge amount. It was made with a US$9 billion physical check. This was the largest amount ever written on a physical check at that time.
  • Bank of Ayudhya: They own about 76.88% of this bank.
  • Bank Danamon: They own about 92.47% of this bank.

See also

Kids robot.svg In Spanish: The Bank of Tokyo-Mitsubishi UFJ para niños

kids search engine
MUFG Bank Facts for Kids. Kiddle Encyclopedia.