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Business News Sat, 31 Aug 2019

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MUFG signs MoU with African Export-Import Bank

MUFG Bank today in Yokohama City, Japan, announced the signing of a Memorandum of Understanding (MOU) with the African Export-Import Bank (Afreximbank) to provide a broad framework for collaboration between the two organizations.

Signed on Tuesday at the seventh TICAD event in Japan, the MOU will further strengthen the relationship between MUFG and Afreximbank, allowing for increased cooperation across Africa through the joint financing of transactions in Corporate, Project, and Sovereign financing, as well as enhancing the Trade Finance offering both organisations.

Takanori Sazaki, Regional Executive for MUFG in EMEA, said: “As we at MUFG seek to strengthen our presence across Africa through innovative opportunities, this MOU with Afreximbank is perfectly timed. The continent is undergoing remarkable growth and shows no sign of relenting due to market expansion and growth in investment from overseas.

“Japanese businesses are increasingly viewing Africa as a new frontier, as the seventh TICAD gathering clearly demonstrates, and we look forward to facilitating discussions with international organisations, private companies and government bodies to enable long-term investment and trade expansion as part of this.”

MUFG’s involvement in Africa goes back more than 90 years to 1926, when Yokohama Specie Bank, a forerunner of MUFG, opened an office in Egypt. Today MUFG has offices in Cairo, Egypt, and Johannesburg, South Africa.

Prof. Benedict Oramah, President of Afreximbank, said: “Afreximbank is proud to be signing this MOU with MUFG. It strengthens our already good relations built over the past several years. The MOU sets a solid foundation for reinforcing the economic bond between Africa and Japan at a time of increasing global trade tensions. It creates a unique opportunity for African businesses to benefit from MUFG’s increasing African presence while also enabling MUFG to enhance its offerings to Japanese entities seeking business opportunities across Africa.”

“Afreximbank President Prof. Benedict Oramah (sitting 2nd left), joined by delegation members (L-R) Dr. George Elombi, Executive Vice President, Governance, Legal and Corporate Services; Denys Denya, Executive Vice President, Finance, Administration and Banking Services; Chandi Mwenebungu, Treasurer; and Fatma Bao of the Guarantees & Specialised Finance Unit (standing 2nd right), in group photo with the MUFG team following the signing of the MoU.”

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 offices in more than 50 markets. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

MUFG aims to be the world’s most trusted financial group through close collaboration among its operating companies, and to respond to all of the financial needs of its clients, serving society, and fostering shared and sustainable growth for a better world.

MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

Source: Laud Business

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