MUFG Bank Pres. Cancels Saudi Visit

October 22, 2018

Tokyo- MUFG Bank President Kanetsugu Mike has canceled his planned visit to Saudi Arabia, where he was to attend events including the Future Investment Initiative conference, bank officials said Sunday.

Mike is the first Japanese corporate leader whose decision to skip the high-profile business conference, known as "Davos in the Desert," has become public.

His cancellation came after cabinet members of foreign countries and leaders of international organizations announced their intention not to attend the conference. Among them were U.S. Treasury Secretary Steven Mnuchin and International Monetary Fund Managing Director Christine Lagarde.

Media organizations have reported similar moves among leaders of big companies such as JPMorgan & Chase Co. and Ford Motor Co.

The conference will be held in Riyadh for three days from Tuesday. Mike was to deliver a speech during the event.

The core unit of Mitsubishi UFJ Financial Group Inc. plans to open a branch in the Saudi capital Wednesday. This schedule remains intact, but its opening ceremony has been canceled.

The Japanese bank will send Deputy President Eiichi Yoshikawa to attend the Riyadh conference. But he will not give a speech.

Saudi Arabia has met with international condemnation over the death of a Saudi journalist.

An MUFG Bank official said the bank decided to cancel Mike's trip after examining various factors in a comprehensive fashion.

Meanwhile, an official of Softbank Group Corp. <9984> declined to say whether Chairman Masayoshi Son will attend the conference.

Son, a member of the conference's advisory board, attended last year's gathering. In addition, the company launched a 10-trillion-yen fund with heavy investment from Saudi Arabia. Jiji Press