MUFG, the country’s largest lender by assets, had initially planned to reduce its local branches by 35%. The pandemic forced the Japanese company to widen the number of branch closures to keep a tab on their costs.
TOKYO: Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) said it would shutter up to 40% of its domestic branches by fiscal 2023 as the lender plans to adopt more cost-cutting measures in response to the coronavirus crisis.
MUFG, the country’s largest lender by assets, had initially planned to reduce its local branches by 35%. The pandemic forced the Japanese company to widen the number of branch closures to keep a tab on their costs.
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