Mitsubishi UFJ Financial Group, Japan’s largest bank, plans to expand further in India to capitalize on the country’s high growth potential.
CEO Hironori Kamezawa said, “For India, economic growth is not something that will be a challenge, it’s a sure thing, making it an attractive market for investment.”
Global banks and private equity firms are flocking to India, Mitsubishi UFJ has steadily built up Indian operations in recent years. In 2021, it opened a branch in Gujarat International Finance Tec-City, a new financial hub in the state’s Gandhinagar area. It also launched a fund targeting Indian startups and acquired a stake in New Delhi-based fintech firm DMI Finance this year.
Kamezawa affirmed the bank aims to do more in India going forward, citing the country’s importance for back office operations. India’s appeal is rising compared to China, where the bank will be selective given various risks. “I think as an investment destination, India could attract the money that might want to avoid China,” Kamezawa stated.
The bank’s sustained efforts to expand in India highlight the country’s status as one of the most promising emerging economies globally. With steady GDP growth, a large population, and reforms to attract foreign investment, India offers an attractive long-term outlook.
By steadily increasing its presence, Mitsubishi UFJ is positioning itself to benefit from rising financial services demand as incomes increase. Its vote of confidence underscores India’s prospects to become an alternative destination for capital amid more cautious sentiment toward China.
