The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2020 Euromoney is part of the Euromoney Institutional Investor PLC
Best Bank Awards

Japan's best domestic bank 2020: MUFG Bank

MUFG Bank

It’s oddly fitting that MUFG Bank would pick a former high school rowing star for its new CEO. Those skills will come in handy considering the rough seas Japan’s financial system will have to navigate in 2021.

At 55, Junichi Hanzawa will cut a youthful figure in seniority-obsessed Japan, particularly in megabank circles. He personifies Mitsubishi UFJ Financial Group’s growing commitment to nurturing and promoting younger talent as it seeks to raise its game in Asia’s second-biggest economy. Hanzawa moved ahead of 13 higher-ranking executives, while Kanetsugu Mike becomes banking group chairman.

They will need to impress. The Covid-19 pandemic has slammed global growth and sunk asset markets everywhere. Like Japan Inc. broadly speaking, MUFG had a tough time in 2020. In November, Japan’s largest bank by assets reported a 34% drop in half-year net profit as the coronavirus crisis led to a jump in credit-related costs.

Net profits between April and September rolled in at ¥400.8 billion ($3.87 billion), compared to ¥607 billion ($5.6 billion) a year earlier. Even so, MUFG still expects to meet its annual profit goals thanks to progress in keeping bad-loans costs in check.

After

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree