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Bank of Tokyo-Mitsubishi seeks approval to open branch in Saudi Arabia

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Bank of Tokyo-Mitsubishi seeks approval to open branch in Saudi Arabia

Mitsubishi UFJ Financial Group Inc. unit Bank of Tokyo-Mitsubishi UFJ Ltd. is seeking approval to set up a branch in Saudi Arabia, a Mitsubishi UFJ Financial spokesman said in an interview.

The Japanese bank has applied with the Saudi authorities for a license, the spokesman said, adding that the bank is aiming to start operations in the country in 2018.

The bank is set to receive the license soon, The Nikkei reported Dec. 13. Such a move would make Bank of Tokyo-Mitsubishi the first Japanese megabank to receive a license in Saudi Arabia.