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India, September 21, 2022 – MUFG Bank is pleased to announce that it has increased the capital of its branches within India by 30 billion (3,000 Crore) Indian rupees. As a result of this capital injection, the total capital of MUFG Bank in India will rise to 52.073 billion (5,207 Crore) Indian rupees.
Indian regulatory authorities stipulate corporate credit limits according to financial institutions’ capital strength. Through this capital increase, MUFG Bank will strengthen its financial base in India and better respond to the diverse financing needs of its clients.
Mr. Atsushi Deguchi, Regional Executive of India and Sri Lanka shared his aspirations: “India’s growth has been a phenomenal success story and this capital increase is a reflection of MUFG’s optimism of the country’s future and commitment to its long-term development. MUFG is proud of its longstanding presence in India and our ambition has always been to establish ourselves as one of the top global foreign franchises here. With this increase in capital, we will be in a stronger position to better support our clients and their aspirations, while further showcasing the remarkable opportunities that India has to offer to global companies.”
This expansion in capital illustrates our commitment to India, and also corresponds to how we are growing in the country. In 2020, we set up MUFG Enterprise Solutions India Private Limited (MES India)[1] as our global capability center that supports the technology and innovation arm for MUFG. In March 2022, MUFG Ganesha Fund [2] was established which is a $300-million-US-dollar fund to invest exclusively in seeding Indian start-ups and in September 2022 we have marked our first investment [3]. We also expanded our presence by – opening a branch at Gujarat International Finance Tec-City (GIFT City) to become the first Japanese bank with the largest network in the country [4]. Thus, by bringing in investment into India we are co-building the bank of tomorrow that will better support our client’s ambitions.
[1] For details on the MES India, please refer to the following press release:https://www.bk.mufg.jp/global/newsroom/news2020/pdf/newse0213.pdf
[2] For details on the MUFG Ganesha Fund, please refer to the following press release:https://www.mufg.jp/dam/pressrelease/2022/pdf/news-20220310-001_en.pdf
[3] For details on the first investment in MUFG Ganesha fund, please refer to the following press release:https://www.bk.mufg.jp/global/newsroom/admin/newse0920_1.pdf
[4] For details on the MUFG GIFT Branch, please refer to the following press release:https://www.bk.mufg.jp/global/newsroom/news2022/pdf/newse0817_1.pdf
Please refer to the attached press release for further information.
For inquiries, please contact Vanessa Pinto (Vanessa_pinto@mufg.jp.in).
