Mitsubishi UFJ Financial Group

Corporate Review 2008
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To Our Shareholders

From left: Haruya Uehara, Deputy Chairman; Nobuo Kuroyanagi, President & CEO; Ryosuke Tamakoshi, Chairman

Fiscal 2007: A year for reinforcing the Group and enhancing comprehensive group strengths
In fiscal 2007, the year ended March 31, 2008, uncertainty was growing over the global
economic outlook, reflecting an increasingly recessionary bias in the U.S. economy in thewake of the subprime loan issue. For the MUFG Group, it was a year for fortifying ourbusiness foundations in preparation for future growth.
In terms of financial performance, consolidated gross profits were lower than in theprevious year, mainly due to turmoil in worldwide financial markets triggered by the subprime loan issue and changes in the regulatory environment. Combined with the impact ofimpairment losses on our equity portfolio, net income declined by around ¥240 billion year
on year to ¥636.6 billion. On the other hand, losses on investments in securitized products

6

Corporate Review 2008 Mitsubishi UFJ Financial Groupwere relatively small compared with both other Japanese mega banks and many major
western banks. In fact, net income was slightly higher than our revised earnings forecasts,
which were announced in October 2007.
During fiscal 2007, we made steady progress in improving our operating structure aspart of efforts to enhance comprehensive group strengths. In September 2007, as part ofour strategy to develop a corporate and investment banking (CIB) business model driven
by close collaboration between banking and securities, we converted Mitsubishi UFJ
Securities Co., Ltd. into a wholly owned subsidiary. Responding to changes in the regulatory environment, we also implemented a fundamental business restructuring at the Group’s
credit card subsidiary Mitsubishi UFJ NICOS Co., Ltd. Although this restructuring had anegative impact on fiscal 2007 financial results, we have put in place an operating structure that will help us to achieve a recovery in performance of Mitsubishi UFJ NICOS.

Fiscal 2008 positioned as year for completing business integration
Market turmoil triggered by the subprime loan issue has begun to affect economic activity
worldwide, and a global economic slowdown thus appears inevitable for the time being.
As a result, we believe that the Bank of Japan is highly likely to maintain current monetary
policy for now, which implies that policy rates in Japan are unlikely to rise anytime soon.
In light of this operating environment, our first management priority is to strengthen
the Group’s operating structure so that we can promptly return to growth when theworld’s economies eventually enter a recovery phase. In particular, our project to have ourbanking subsidiaries transfer to new IT systems, which we call the Day 2 project, is proceeding according to schedule. We have now entered the final phase of this project. We
completed the integration of the banking IT system at the trust bank successfully in May
2008. On the commercial bank side, we began moving former UFJ branches over to the

Mitsubishi UFJ Financial Group Corporate Review 20087

new system in July 2008. The transition to the new system is planned for completion by
the end of 2008.
Completion of transfer to the new system will mark the completion of the most significant part of the business integration. Besides reducing system-related costs and producing other rationalization benefits, completing the transfer to the new system is expected tobring about a variety of other benefits, such as top-line growth driven by enhanced sales
capabilities. We thus expect to enter a phase when we will be able to start to demonstrate
the true value of the business integration. All our efforts are focused on ensuring that thetransition to the new system proceeds smoothly.
We have also been making progress with our ongoing efforts since 2007 to reinforce
our internal control framework. We have already put in place an enhanced structure byincreasing the number of compliance officers across all Group operations, both in Japanand overseas. The next stage is to focus on effectively operating our internal control
framework.

Bolster earnings power in our core Retail, Corporate and Trust
Assets businesses
We believe that there will be no change in broad, ongoing financial trends in Japan which
are the shift from savings to investment in the retail sector and the shift from bank loans tocapital markets in the corporate sector, although those shifts are currently experiencing amodest slowdown. Overseas, while there is a need for a slightly more cautious outlook
than before, we expect Asian economies to maintain high rates of growth.
In this global business environment, MUFG will implement a growth strategy focusedon its three core Retail, Corporate and Trust Assets businesses.

8

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Ã>iÃÊ ÌÊ ÞÊ >}Ê ÕÀÊ L>}]Ê ÌÀÕÃÌÊ L>}]Ê >`Ê ÃiVÕÀÌiÃÊ ÃÕLÃ`>ÀiÃ]Ê LÕÌÊ >ÃÊ LÞÊ`iÛi«}Ê Ã>iÃÊ V >iÃÊ ÕÌÃ`iÊ Ì iÊ }ÀÕ«Ê Ì ÀÕ} Ê Ài}>Ê L>ÃÊ >`Ê Ì iÀÊ v>V>ÊÃÌÌÕÌÃ°ÌÃÕLÃ Ê1Ê>V>ÊÀÕ«ÊÊ À«À>ÌiÊ,iÛiÜÊÓäänÊÊÊDevelopment of a well-balanced capital policy
To raise shareholder value over the medium term, we believe that it is important for MUFG
to balance its three priorities of increasing shareholder returns, strengthening its
equity capital, and using capital to maintain growth and enhance profitability. From thisperspective, our capital policy is to focus on retaining resources to drive growth while also
maintaining a globally competitive level of equity capital and sustaining increases in
dividend payments.
Equity capital is becoming increasingly important as a risk buffer. Our targets forequity capital are a Tier 1 ratio of 8% (end of March 2008: 7.60%) and an equity capitalratio of 12% (end of March 2008: 11.19%).
In terms of shareholder returns, in fiscal 2007 we increased the dividend, bringing
the dividend payout ratio to 23%. In addition, we implemented a share buyback of around¥150 billion in December 2007. Including this, the ratio of total distribution to shareholders for the fiscal year was about 47%. Going forward, our goal is to achieve consistent
growth in dividend payments, while striving to achieve a target of over 20% dividend
payout ratio.
In terms of using capital to maintain growth and enhance profitability, we view theupcoming period as one where various opportunities are likely to materialize as many leading European and U.S. financial services groups will step up their efforts to restructure
operations in response to the subprime loan issue. Taking advantage of our strong capitalbase, we plan to review possible strategic investments that can deliver solid returns while
helping us enhance our profitability and growth.

Building the MUFG brand to gain broad-based public support
At MUFG, we emphasize activities that help to build customer satisfaction (CS) through theprovision of high-quality services while at the same time fulfilling our responsibilities as acorporate citizen.

10Corporate Review 2008 Mitsubishi UFJ Financial GroupThe Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) established “Our Ten Promises to
Customers” in August 2007 in order to thoroughly achieve a “customer-oriented
approach,” and also made improvements to our facilities so that they are easier to use forsenior customers and physically disabled customers.
On the corporate social responsibility (CSR) front, we have formulated the MUFG
Environmental Action Policy. The policy is a set of behavioral guidelines designed to spread
an awareness of the urgency of environmental issues throughout MUFG and advance specific environmental initiatives. We continued to pursue efforts to contribute to society
through our core business (financial business), for example by financing the environmentrelated business and conducting businesses related to emission rights and activities aimed
at promoting SRI (Socially Responsible Investments). We also contributed to society throughactivities other than finance, such as implementing a work experience program forstudents, known as the “Job Shadowing Program,” in July 2007.
Through such activities, we remain committed to working to establish a brand image
for MUFG with which communities feel an affinity and that garners broad-based support
from the public.
Working together, management and employees are determined to make MUFG apremier comprehensive, global financial group, recognized as being “No. 1 in Service,
No. 1 in Reliability, and No. 1 in Global Coverage.” To that end, we are devoting ourutmost efforts to building corporate value and maximizing shareholder value. In taking onthese challenges, we hope to benefit from the continued support of our shareholders.

Ryosuke Tamakoshi

Haruya Uehara

Nobuo Kuroyanagi

Chairman

Deputy Chairman

President & CEO

August 2008

Mitsubishi UFJ Financial Group Corporate Review 2008

11

Executive Committee

Ryosuke Tamakoshi
Chairman

Haruya Uehara

Nobuo Kuroyanagi

Deputy Chairman
and Chief Audit Officer

President & CEO(seated)Kyota Omori
Deputy President
and Chief Compliance Officer(standing, from left)

Saburo Sano
Senior Managing Director andChief Risk Management Officer

Toshihide Mizuno
Senior Managing Director
and Chief Planning Officer

Hiroshi Saito
Senior Managing Director
and Chief Financial Officer

12

Corporate Review 2008 Mitsubishi UFJ Financial GroupKinya Okauchi
Director, President of
Mitsubishi UFJ Trust andBanking Corporation

Katsunori Nagayasu
Director, President of
The Bank of TokyoMitsubishi UFJ, Ltd.

Nobuyuki Hirano

Kaoru Wachi

Director, Managing Director of
The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

Director, Managing Director of
Mitsubishi UFJ Trust and Banking
Corporation

Fumiyuki Akikusa
Director, President of
Mitsubishi UFJ Securities
Co., Ltd.

Kazuo Takeuchi(from left)

Director, Senior Managing
Director of Mitsubishi UFJ
Securities Co., Ltd.

Takao Kawanishi
Managing Officer,
Group Head of Integrated
Corporate Banking Business Group

Takashi Nagaoka
Managing Officer,
Group Head of Integrated Retail
Banking Business Group

Taihei Yuki
Managing Officer,
Group Head of Integrated Trust
Assets Business Group

Mitsubishi UFJ Financial Group Corporate Review 2008

13

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Retail BusinessIn billions of yen

FY2007

FY2006% Change

Gross Profits

1,328.9

1,300.1

2.2%

371.1

380.6

(2.5%)Net Operating Profits

22

Corporate Review 2008 Mitsubishi UFJ Financial GroupFY2007 Performance Summary
Gross profits in the Retail Business increased ¥28.8 billion, or 2.2%, year on year to¥1,328.9 billion. The increase reflected substantial growth in profits relating to yen
deposits, along with the effect of kabu.com Securities Co., Ltd. becoming a newly
consolidated subsidiary. However, gross profits in the investment product sales andconsumer finance businesses both decreased from the previous fiscal year due to theeffects of market conditions and the regulatory environment. Net operating profits
declined ¥9.4 billion, or 2.5%, year on year to ¥371.1 billion.
FY2008 Plans
MUFG is pursuing the following measures in the Retail Business: 1) strengthen sales toincrease overall customer assets; 2) attain substantial growth in the retail securities
business; 3) achieve sustained growth and expansion of our consumer finance business; 4)
implement far-reaching restructuring and expand our individual loans business; 5) developInternet and mobile banking strategies.
Investment Product Sales
FY2007 Performance
Income from investment products decreased ¥12.1 billion year on year to ¥144.4 billion.
Total sales of investment products (investment trusts, insurance annuities and financial
products intermediation) declined 21% from a year earlier to ¥3.78 trillion, mainly due todeteriorating market conditions in the second half of fiscal 2007. The investment productassets in customer accounts had increased 4% from a year earlier to ¥12.11 trillion as ofMarch 31, 2008.

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FY2008 Plans
We will work to expand sales of investment products through an open architecture
approach by enhancing our line-up with products that match customer needs, while
increasing the sophistication of marketing through careful analysis of customer data.
In response to full deregulation of insurance product sales in December 2007, MUFG
began offering nursing care insurance in April 2008, and increased the number ofbranches handling insurance from an initial 173 to 256 as of April 2008. We plan toincrease the number of insurance planners responsible for insurance sales by more than
100 during fiscal 2008, from 370 at the end of March 2008.
For financial products intermediation, we will increase the number of branches with a“retail money desk” (investment product sales experts with highly specialized knowledge
and know-how) from 10 at the end of March 2008 to 24 during fiscal 2008.

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24

Corporate Review 2008 Mitsubishi UFJ Financial GroupConsumer Finance
FY2007 Performance
Income from consumer finance decreased ¥37.1 billion, or 8%, year on year to ¥442.1
billion. The main reason for the decline was the lowering of the upper limit on loan interest
rates by Mitsubishi UFJ NICOS in line with new regulations.
Mitsubishi UFJ NICOS implemented far-reaching business restructuring to adapt to the new
business environment. Progress with a series of measures, including business reorganization,
consolidation of business locations, and personnel reductions, proceeded in line with our plan.
Mitsubishi UFJ NICOS’ credit card shopping transaction balance steadily increased. The
number of bank-issued cash cards combined with a credit card (comprehensive cards)
increased to 2.17 million as of March 31, 2008.
FY2008 Plans
Mitsubishi UFJ NICOS was made a wholly owned subsidiary of MUFG in August 2008 bymeans of a share exchange, and then MUFG transferred a portion of its shares ofMitsubishi UFJ NICOS common stock to The Norinchukin Bank, with the view to reinforcing
ties with this bank in the future.
MUFG will increase its efforts to promote comprehensive cards to high-net-worth
individuals and employees of corporate customers. We will also work to increase ourmarket share through sales of a new type of card loan product guaranteed by ACOM,
which was initially launched in 2007.

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25

Corporate BusinessIn billions of yen

FY2007

FY2006% Change

Gross Profits

1,791.9

1,925.3(6.9%)

848.9

1,008.6(15.8%)Net Operating Profits

26

Corporate Review 2008 Mitsubishi UFJ Financial GroupFY2007 Performance Summary
Gross profits declined ¥133.4 billion, or 6.9%, to ¥1,791.9 billion. In domestic operations,income declined mainly due to a decrease in income from securities and investmentbanking due to the deterioration in the general market environment. In overseas
operations, despite the strong performance of deposits and loans operations of theoverseas branches of the Bank of Tokyo-Mitsubishi UFJ, income declined overall mainly due
to a decrease in net interest income at our U.S. subsidiary UnionBanCal Corporation(UNBC) following a shift from non-interest to interest-earning deposits. Net operating
profits decreased ¥159.8 billion, or 15.8%, to ¥848.9 billion.
FY2008 Plans
In domestic corporate operations, the Corporate Banking Group is giving top priority todeveloping the Corporate and Investment Banking (CIB) model, which encompasses our
corporate and investment banking businesses in a unified manner. Enhancing thecoordination between banking and securities will fundamentally strengthen our ability to
conduct business with major corporations. In the SME business, we plan to expand thebusiness base in terms of both customer numbers and loan balance, and strengthen ourability to offer comprehensive services, including settlement and forex.
In overseas corporate operations, in Asia, we will take the following concrete actions. Byleveraging our strong customer base and extensive network, we will accumulate prime
assets with respect to both Japanese and non-Japanese businesses, while strengthening
sales of market products such as forex and derivatives. In Europe and North America, wewill expand our customer base and promote the “cross-selling” of services in order toenhance our earnings capabilities in non-Japanese operations.

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Mitsubishi UFJ Financial Group Corporate Review 200827

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Promoting Our CIB Strategy
FY2007 Performance
The CIB model closely links the activities of corporate and investment banking to further
enhance our services. Since making Mitsubishi UFJ Securities a wholly owned subsidiary of
the holding company in September 2007, we have been working to strengthen thecollaboration between our banking, trust and securities arms in order to better respond tothe various financial and advisory needs of our major corporate clients. We are alsoenhancing the organizational structure of divisions responsible for major corporate clients,
including expanding the types of industries covered, as part of our efforts to increase
specialization in each field in order to help increase the corporate value of our clients.
The MUFG group had one of the best track records in the investment banking field among
Japanese financial institutions in fiscal 2007. Mitsubishi UFJ Securities was the lead manager
for a large-scale straight bond issuance by Kirin Holdings Co., Ltd., and was the advisor tothe management integration of Isetan Company Limited and Mitsukoshi, Ltd. The MUFG
group was also the joint lead manager for a euro-denominated corporate bond issuance by
Mitsubishi Chemical Holdings Corporation, and was appointed as the advisor of the Ministryof Finance for the first securitization of Fiscal Investment and Loan Program loans.
FY2008 Plans
For our primary business, the MUFG group will utilize its customer base and relationships
to acquire large-scale business contracts. For our secondary business, we will strengthen
services for major Japanese corporations and institutional investors. We will pursue our
global CIB strategy, including closer collaboration with our alliance partners in Asia andexpansion of our structured finance�����������������������������������������

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28

Corporate Review 2008 Mitsubishi UFJ Financial Group

operations.

Overseas Business
FY2007 Performance
Excluding UNBC operations, gross profits of overseas business activities increased¥1.7 billion to ¥305.1 billion.
In Asia, we continued to grow our income from forex and derivatives business withJapanese corporations and from lending-related business with non-Japanese corporations.
In the Americas, income from derivatives and asset finance was strong, while in Europe,
income was driven by structured finance and syndicated loan services. The averageoverseas lending balance in the second half of fiscal 2007 increased around ¥2.2 trillion
from the same period of the previous fiscal year to ¥13.2 trillion.
FY2008 Plans
In Asia, we intend to capture commercial and settlement business flows by leveraging ourleading Japanese banking network to acquire settlement business and expand our customer
base with both Japanese and non-Japanese clients, and pursue “cross-selling” of loans, forex
and CMS products. In addition, we will focus on increasing synergies with local financial
institutions in which we have invested.
In the Americas, we aim to strengthen our business with non-Japanese corporations byleveraging our extensive customer base. We will also increase income by increasing our“cross-selling” efforts and through specific strategies for each business type.
In Europe, we will utilize our branch network to expand our non-Japanese customer base,while pursuing M&A financing arising from growing corporate restructuring activity. We havealso prioritized regional strategies for the fast-growing Middle East market, and plan todevelop services that draw on our comprehensive group strength.
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Trust Assets Business30

In billions of yen

FY2007

FY2006% Change

Gross Profits

198.5

194.2

2.2%

Net Operating Profits

100.0

90.4

10.6%

Corporate Review 2008 Mitsubishi UFJ Financial GroupFY2007 Performance Summary
Gross profits increased ¥4.3 billion, or 2.2%, to ¥198.5 billion. Investment trust sales werefavorable during the first half of the fiscal year, resulting in continued growth in income
from the investment trust management business. Income from the pension business andinvestment trust administration business declined, but this was due to the one-time
positive impact in the previous fiscal year resulting from a change in accounting standards(the introduction of accrual accounting treatment for trust fees) during that period.
Excluding the effects of this change, income from both pension and investment trust
administration businesses increased steadily. Net operating profits increased ¥9.6 billion, or
10.6%, to ¥100.0 billion.
FY2008 Plans
In the pension business, we will step up our efforts to win new mandates through suchmeasures as offering actively managed investment products. In the defined contribution
pension business, we aim to become the provider of choice for major large and mediumsized pensions.
In the investment trust management business, we plan to continue to develop products
and support sales through Group and external channels in order to increase assets undermanagement. In the investment trust administration business, we will expand trust assets
by strengthening administration capabilities using our ability to respond to new schemes
and new products.
Pension Business
FY2007 Performance
Gross profits were down ¥0.5 billion year on year to ¥69.5 billion. However, excluding theeffects of a change in accounting standards, actual profits increased ¥2.7 billion from theprevious fiscal year.

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In our core pension trust business, despite a slowdown in sales of actively managed products inthe second half of the fiscal year, certain new products, such as real estate and private equity,
recorded solid sales. In defined contribution pensions, the asset administration balance andinvestment product sales balance exceeded ¥1.2 trillion and ¥670.0 billion, respectively,
allowing MUFG to maintain a leading share in the Japanese market.
FY2008 Plans
In the defined benefit pension field, we will focus on winning new mandates bystrengthening development of new products to meet diversifying customer needs, while
stepping up sales of actively managed investment products.
For defined contribution pensions, we will demonstrate MUFG’s comprehensive groupstrengths and focus on becoming the provider of choice for major large and medium-sizedpensions, as well as aim to enhance our product proposal capabilities to expand sales ofinvestment products.
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FY2007 Performance
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Gross profits from the investment trust administration business decreased ¥0.8 billion year on
year to ¥19.1 billion. However, excluding the effects of a change in accounting standards,
actual gross profits increased ¥2.1 billion from the previous fiscal year. The investment trust
administration balance at March 31, 2008, was ¥30.6 trillion, down ¥2.2 trillion from theend of the previous fiscal year due to the impact of a fall in market prices.
FY2008 Plans
In the investment trust management business, we aim to expand the investment trust
management balance through new product development that meets client needs, as we
continue to supply products throughGroup and external channels and�����������������
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trust assets by strengthening administration capabilities using our ability
to respond to new schemes and new
products.

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Global Custody Services
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Gross profits in the global custody business increased ¥0.2 billion year on year to ¥15.0
billion, as a result of steady increases in the global custody asset balance on a foreign
currency basis.
FY2008 Plans
In April 2008, Mitsubishi UFJ Global Custody introduced systems infrastructure from the
major U.S. global custodian Brown Brothers Harriman & Co., in order to provide moreadvanced services to clients. We will continue to reorganize and consolidate MUFG’s
overseas custody functions, while further strengthening value-added business such as
securities lending.

Mitsubishi UFJ Financial Group Corporate Review 2008

33

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Global Activities

By harnessing the strengths of our global network and utilizing
capital and business alliances, we aim to strengthen our presence
in fast-growing Asian markets and other regions around the world.

34

Corporate Review 2008 Mitsubishi UFJ Financial GroupMUFG has the largest overseas networks of any Japanese bank. As of March 31, 2008, theGroup had a presence in over 40 countries, with 456 outlets outside Japan. MUFG
leverages this broad network to offer financing through syndicated loans, project financeand other methods, as well as traditional loans. The Group also seeks to meet the needs ofcorporate clients by providing global cash management services (CMS) and M&A advisory,
among other services.
MUFG is also utilizing capital and business alliances with leading financial institutions
worldwide to expand its presence in various regions. In Asia, MUFG is building up retailfinance operations by entering markets with high growth potential, while at the same timeworking to strengthen its hand in securities and global investment banking services.
Through this strategy, MUFG aims to raise the share of earnings from international
operations to 20% of net operating profits over the medium term.
Asia & Oceania
As of March 31, 2008, MUFG had a total of 55 branches, sub-branches, representative
offices and subsidiaries in this region. Based on its strength in Asia, MUFG uses its network
and information-gathering capabilities to offer a diverse range of sophisticated products
and services.
In China, MUFG is enhancing products and services, while bolstering its network, targetingthe phased opening of the country’s financial markets to foreign institutions under way
since China’s accession to the World Trade Organization. Bank of Tokyo-Mitsubishi UFJ(China), Ltd, a wholly owned local subsidiary of BTMU, commenced operations in China inJuly 2007. BTMU China is headquartered in
Shanghai and has inherited a total of 6
branches and 2 sub-branches from BTMU. This
network makes the firm one of the largest
foreign commercial banks in China. With theestablishment of the Guangzhou Branch inOpening ceremony for Guangzhou Branch of
Bank of Tokyo-Mitsubishi UFJ (China), Ltd.

Mitsubishi UFJ Financial Group Corporate Review 200835

March 2008, BTMU China now has a network of 7 branches and 2 sub-branches in the
country. Combined with two BTMU representative offices, MUFG now has a local networkof 11 bases from which it plans to fulfill a diverse range of customer needs. Separately,
MUTB has established a wholly owned subsidiary in China, MU Trust Consulting (Shanghai)Co., Ltd. MU Trust Consulting (Shanghai) began operating in October 2007, focusing onoffering consulting services related to personnel and labor management in China.
Elsewhere in the region, in April 2007, BTMU made an additional investment in CIMBGroup, Malaysia’s second largest financial group, with the aim of forging a stronger
collaborative relationship in the field of investment banking. Joint business development
efforts are mainly focusing on corporate bond business and Islamic financing. In Australia,
in October 2007, MUFG invested in and formed a strategic alliance with Challenger
Financial Services Group, the country’s third-ranking comprehensive financial services
provider. This move sets the stage for MUFG to expand its asset securitization and realestate investment businesses in Australia. In Indonesia, BTMU and Group affiliate Acom
jointly acquired 75.4% of the outstanding shares of locally based Bank Nusantara
Parahyangan in December 2007 (with Acomtaking a 55.4% stake). MUFG plans to develop
consumer finance operations to spearhead its
expansion into Southeast Asia’s most populous
market. In Singapore, in April 2008, MUS took an
equity stake in leading local securities firm Kim
Eng Holdings as part of its ongoing expansion
into Asia.

Yasumasa Gomi (left, Chairman & CEO, Mitsubishi
UFJ Securities Co., Ltd.) and Ronald Ooi(right, Managing Director, Kim Eng Holdings Ltd.)The Americas
As of March 31, 2008, MUFG had a total of 30 branches, sub-branches, representative
offices and subsidiaries in the Americas. In December 2007, the Kentucky Representative
Office of BTMU was upgraded to Kentucky Corporate Banking Office. In addition to BTMU

36

Corporate Review 2008 Mitsubishi UFJ Financial Groupoperations in North America, subsidiary Union Bank of California (UBOC) has a 336-branch
network in the United States, mainly concentrated in the State of California.
In North America, MUFG offers many forms of fund-raising support, including syndicatedloans, securitization, leases, structured finance and other services. The Group also provides
a broad scope of services including CMS and other settlement services as well as services
aimed at helping corporate clients to maximize enterprise value such as M&A advisory. In
the United States, MUTB has an agreement with Northern Trust Corporation that provides
Japanese customers access to will execution and estate-administration services in the U.S.
MUFG continues to focus on enhancing the services offered by the Group in the North
American market via business alliances with local financial institutions.
In Central and South America, MUFG has the largest network of any Japanese bank, with
10 branches in 7 countries, as well as an alliance with Banco Bradesco, Brazil’s largest
private-sector bank. Leveraging this network, MUFG is developing services that include
syndicated loans and project finance for natural resource development.
• Union Bank of California
As one of the 30 largest commercial banks in the UnitedStates by total assets, UBOC has 336 branch offices and a
network of 569 ATMs across North America. The bank isheadquartered in San Francisco and has approximately
10,000 employees. Offering lending, cash management andtrade financing services to SMEs and other corporate clients,
the bank also provides deposit, investment product,
insurance, private banking and other financial services toindividuals. UBOC’s parent holding company, UnionBanCal
Corporation (UNBC), is a consolidated subsidiary of BTMU,
which owns an equity stake of approximately 65% in UNBC.

Union Bank of California headquarters

Mitsubishi UFJ Financial Group Corporate Review 200837

Europe, Russia, Middle East and Africa
As of March 31, 2008, MUFG had a total of 35 branches, sub-branches, representative
offices and subsidiaries in these regions. The Group leverages one of the largest networksof any Japanese bank to provide a wide range of financial services, not only to Japanesecompanies but also to local clients.
In Western Europe, MUFG has established operations in major cities. Reflecting theincreasingly borderless nature of Europe amid ongoing regional integration, the Group hasconstructed a network of operating bases to assist in meeting the complex business
requirements of clients across the region. In January 2008, the Group concluded a businessalliance agreement with InvestInItaly to contribute to the promotion of industry in both
Japan and Italy.
In Central and Eastern Europe and Russia, alongside existing operations in Austria (Vienna)
and Poland (Warsaw), in 2006 the Group established new operating bases in the Czech
Republic (Prague) and Russia (Moscow). In April 2008, the Group opened a representative
office in the Russian city of St. Petersburg and concluded a memorandum of understanding
on a business alliance with the State Export-Import Bank of Ukraine (Ukreximbank). As thenumber of Japanese firms developing business in this part of the world continues to rise,
MUFG aims to contribute to regional development by meeting the needs of corporate

St. Petersburg, Russia

38

Corporate Review 2008 Mitsubishi UFJ Financial Groupclients at the frontline of their operations through an expanded network of operatingbases.
In the Middle East, MUFG opened the Dubai Office in September 2007. In recent years,
this city-state has developed into a logistics and travel hub as well as a major commercial
center for gathering business intelligence about the region. This has led to rapid growth in
the number of companies operating in Dubai. MUFG’s existing network in the region spans
the Bahrain Branch, four representative offices (in Abu Dhabi, Istanbul, Cairo and Tehran)and a partnership with the Dubai-Japan Desk of the National Bank of Abu Dhabi. Throughthis network, the Group provides business support to customers operating in the Middle
East and gathers information, among other activities. Reflecting the boost to regional
economic activity from higher natural resource prices, MUFG is also engaged
in project finance for natural resource projects, syndicated loans and trade finance. For
example, BTMU has played a central role as mandated lead arranger and project advisor
in the financing of the Ras Abu Fontas A1 power generation and desalination projectin Qatar.

Ras Abu Fontas A1 power generation and desalination project (Qatar)

Mitsubishi UFJ Financial Group Corporate Review 2008

39

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