Japan's MUFG Bank Ltd. is converting its Argentine branch, Bank of Tokyo-Mitsubishi UFJ Ltd. - Sucursal Buenos Aires, into a representative office that will be controlled by the bank's New York subsidiary, El Cronista reported.
The decision, which is part of a broader review of parent company Mitsubishi UFJ Financial Group Inc.'s global operations, will see headcount at the Buenos Aires location fall to about 20 from 48 as of December, according to the report.
MUFG Bank announced the change in mid-May, noting that its branches in Santiago, Chile, and Karachi, Pakistan, would be similarly downgraded to the status of representative office, subject to regulatory approvals.
As part of the status change, the three locations will stop offering booking services but will continue to develop relationships with local customers under an off-shore banking business model, the company said.
MUFG Bank operates in Chile through MUFG Bank Ltd. - Sucursal Santiago.
