MUFG to Foray Into Indian Real Estate, Expand Forex Derivatives

Mitsubishi UFJ Financial Group Inc. will start lending to real estate firms in India and expand its foreign exchange derivatives business in the country’s low-tax hub, as it seeks to deepen its presence in the world’s fastest-growing major economy.

Japan’s biggest bank is setting up a team which will start operations this financial year, Shashank Joshi, MUFG India’s deputy chief executive officer said in an interview. The push comes as it broadens its India franchise after completing a $4.4 billion stake purchase in Shriram Finance Ltd. this month, taking its total investment in the country to about $7 billion.