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Mitsubishi |
Mitsubishi UFJ Financial Group Inc. is considering opening offices in
Kenya and Morocco to boost its African business as Japanese companies
seek natural resource and infrastructure-related opportunities on the
continent, a person with knowledge of the matter said.
Japan’s
largest bank has begun studying the possibility of opening the offices
in the countries and no decision has been made, the person said, asking
not to be identified because the deliberations are private. MUFG is also
considering increasing staff numbers at its offices in South Africa and
Egypt, according to the person.
Expanding the office network may
help the bank to gather the information it needs to support Japanese
companies operating in Africa, a region with diverse economies and
governments, the person said. MUFG currently manages operations such as
project finance in Africa from its regional headquarters in London.
Jun Watanabe, a spokesman for MUFG in Tokyo, declined to comment.
MUFG
signed cooperation agreements with investment agencies in Morocco and
Kenya this year, as low growth prospects at home prompt Japan’s biggest
lenders to look overseas for profit. Japan will invest $30 billion
to boost Africa’s economic growth and infrastructure over the next
three years, Prime Minister Shinzo Abe said in August at the Tokyo
International Conference on African Development held in Nairobi, Kenya’s
capital.
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