Mitsubishi UFJ Financial Group Inc. will reorganize its business groups into new customer segments, effective July 1, in response to shifting customer needs.

The move is part of the Japanese megabank's new medium-term business plan for the three-year period beginning in fiscal 2018. It said it is shifting from a group-driven type of operation into an integrated group operation system to transform the business, as it expects the low-growth and low-interest rate operating environment in Japan to continue on the back of aging population.

Under the reorganization, the megabank's current five business groups will be reclassified into six groups, to be facilitated by its units MUFG Bank Ltd., Mitsubishi UFJ Trust & Banking Corp. and Mitsubishi UFJ Securities Holdings Co. Ltd. The megabanks will have separate groups for retail and commercial banking, Japanese corporate and investment banking, global corporate and investment banking, global commercial banking, asset management and investor services and global markets.