Japan’s largest bank Mitsubishi UFJ Financial Group plans to open new offices in Morocco and Kenya to support the investments of Japanese companies in Africa, Bloomberg revealed earlier today, October 20, citing a person with knowledge of the matter.
Though the source which asked not to be identified said Japan’s largest has begun studying the option to open offices in the two countries, it added that no decision has been made. According to Bloomberg, Mitsubishi UFJ Financial Group also aims to increase staff numbers at its branches in South Africa and Egypt.
Opening more offices may help the Japanese group get more information on new investment projects in Kenya and position Japanese firms on these projects.
Mitsubishi UFJ Financial Group currently handles most of its African operations from London.
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On the sidelines of the 6th edition of the Tokyo International Conference for Africa’s Development (TICAD VI) which took place at the end of August 2016 in Nairobi, Kenya, Japanese Prime Minister Shinzo Abe said Japan would invest $30 billion in Africa over the next three years in infrastructures (one third of investment), industry, health and security.
During the summit, Mitsubishi UFJ Financial Group and two other Japanese banks, Sumitomo Mitsui Banking Corp and the Mizuho Bank got new partners and entered into joint-venture agreements with state-run African banks and institutions, to support the investment of Japanese companies across the continent with which Tokyo wishes to strengthen its economic bonds, refusing to be outpaced by its rival, China.
