MUFG open to any opportunities it may have in India: Masakazu Osawa
MUFG), Japan's largest mega bank with close to $3 trillion in assets, last week placed its biggest bet in India: It doubled an existing investment with a further commitment of ₹4,712 crore on DMI Finance. Masakazu Osawa, Asia Pacific CEO for the bank, tells Joel Rebello the group has only started its investment journey in India and would increase exposure in the economy tipped to be the world's third biggest soon. Edited excerpts:
You doubled down on your investment in DMI Finance last week. What is the strategy for investments in India?
MUFG Bank focused on the large corporate business here in Asia, outside Japan. In 2013, we made a decision to take more risks outside Japan in Asia as a so-called second mother market for us, which is the neighbourhood from Japan. So we started investing in some of the commercial banks in Asia, including Krungsri Bank in Thailand, and Bank Danamon in Indonesia, which are now subsidiary banks in those countries, and Security Bank in the Philippines, and VietinBank in Vietnam, which are affiliates with 20% stake in those countries. We expanded our client coverage, to more local corporate, and even in some cases, SMEs in those countries, especially in Thailand and Indonesia.Additionally, we decided to have more exposure and stake in consumer finance or the startup area starting from 2017-18, and that's why we invested in Grab Singapore, back in 2020. I believe India is really a strategic focus, because you have excellent, digital financial service platform here. We believe there's a
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