MUFG Bank sets up trade financing unit

Japan's MUFG Bank Ltd. established a new wholly owned unit, MUFG Trading Ltd.

The unit, which has been approved by the Japanese Financial Services Authority, will provide new structured trade financing solutions to the bank's corporate clients for their sales and purchase of goods and raw materials, according to a July 12 release.

The launch of the new financing business is expected to take place within 2022.

MUFG Bank is a unit of Mitsubishi UFJ Financial Group Inc.