MUFG Bank to Shut 20 Pct of Outlets in Japan

May 16, 2018

Tokyo- Mitsubishi UFJ Financial Group Inc. has said that core subsidiary MUFG Bank will shut 20 pct of its 515 outlets in Japan over the next six years.

The bank will convert an additional 30 pct into next-generation outlets specializing in asset management consultation and utilizing teleconference systems to reduce staff.

As a result, the number of conventional outlets at the bank will halve to around 250, the parent said Tuesday.

"We'll make available various types of outlets to better meet customer needs," Mitsubishi UFJ President Nobuyuki Hirano said.

Meanwhile, the holding company said it aims to increase the number of users of its online banking services to over 11 million from 4 million over the six years. Jiji Press