Mitsubishi UFJ Targets Becoming Top-Three Asian Bank

Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, targets becoming one of Asia’s three biggest lenders by profit through making acquisitions, funding infrastructure projects and expanding retail banking.

The company set up a team of about 10 people last year to explore takeovers in Asia and the U.S., Deputy President Tatsuo Tanaka, who oversees global operations for the Tokyo-based lender, said in an interview in Hong Kong on Jan. 11. The bank also wants to expand its retail lending, private banking and asset management businesses, with a special focus on China, India, Indonesia and Australia, he said.