Mitsubishi UFJ Financial Group Inc. plans to cut the number of conventional branches as it expands its self-service branch network in an effort to cut costs, The Nikkei reported May 23.
The Japanese megabank plans to reduce its conventional branches by half by the fiscal year ending March 2024, from the current number of 515 branches. The bank will focus on increasing the number of automated branches, known as MUFG Next, said Mitsubishi UFJ Financial President and CEO Nobuyuki Hirano.
The number of customers visiting conventional branches has dropped by about 40% in the last 10 years, driving the need to convert to more automated branches.
