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MUFG Bank chief defends Saudi Arabia expansion

In the interview, Mr Mike surveyed the range of the bank’s international operations and ambitions. MUFG Bank has long harboured a desire for a bigger presence in the US. It has a subsidiary, Union Bank, which operates on the West Coast and also has some commercial offices in big cities including Dallas, Chicago and New York.

Mr Mike said MUFG would like to buy something that was a “strategic fit” with its existing commercial banking operations, but did not have a specific target in mind.

He ruled out further material acquisitions in south-east Asia, however, saying MUFG has “completed” its buying spree there after moving on a string of assets including a majority stake in Indonesia’s Bank Danamon.