MUFG Bank Ltd. is looking to set up a new online banking platform that will help clients find business partners in the Middle East, Africa and certain parts of Europe, an unnamed official told Reuters.
The platform, dubbed MUFG Trade Club, will link the Japanese lender's clients with a broader network of 13 international banks — including Spain-based Banco Santander SA and South Africa-based Standard Bank Group Ltd. — for free, the report said.
The lender expects to generate new business from the free service when clients need foreign exchange transactions or capital investment. It is also meant to fuel MUFG's expansion into other territories outside its Japan home base, in line with Japanese banks' historic trend of expanding based on client need, according to the Sept. 12 report.
MUFG Bank is a wholly owned unit of Mitsubishi UFJ Financial Group Inc.
