Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding / financial services company headquartered in Chiyoda, Tokyo, Japan.
MUFG holds assets of around US$2.459 trillion as of 2016, making it world's fourth largest bank by total assets and is one of the main companies of the Mitsubishi Group. It is Japan's largest financial group and the world's second largest bank holding company holding around US$1.8 trillion (JPY 148 trillion) in deposits as of March 2011. MUFG is the second largest public company in Japan when measured by market capitalization.
The company was formed on October 1, 2005 with the merger of Tokyo-based Mitsubishi Tokyo Financial Group (MTFG), and Osaka-based UFJ Holdings.
The core banking units of the group, Bank of Tokyo-Mitsubishi and UFJ Bank, were merged on January 1, 2006 to form The Bank of Tokyo-Mitsubishi UFJ, Ltd. This integration was originally scheduled to take place on October 1, 2005, the same day that the parent companies were merged. However, pressure from Japan's Financial Services Agency, which wanted to ensure the smooth systems integration of the two banking giants, caused the merger of the banks to be postponed for three months. The trust banking and securities units of MTFG and UFJ were merged according to the original schedule on October 1, 2005.
The financial group dates back to 1880 as the Yokohama Specie Bank, later renamed to The Bank of Tokyo. Also in 1880, The Mitsubishi Bank, Ltd. was founded by former samurai Yataro Iwasaki. In 1919, the Mitsubishi Bank financed the Mitsubishi zaibatsu, most of which is today Mitsubishi Heavy Industries. In April 1996, The Mitsubishi Bank, Ltd. and The Bank of Tokyo, Ltd. merged.
In July 2004, Japan's fourth-largest financial group UFJ Holdings offered to merge with MTFG. The merger of the two bank holding companies was completed on October 1, 2005. UFJ was created from a merger with the Toyo Trust and Banking, a part of the Toyota Motor Corporation. Toyota's chairman sat on the board of the UFJ which became one of the world's largest money losing corporations. UFJ was accused by the government of corruption and making bad loans to the yakuza crime syndicates. The UFJ is one of the largest shareholders of Toyota. The trust banking and securities units of the two groups were merged on the same day. The core banking units of MTFG and UFJ, The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank, respectively, continued to operate separately until January 1, 2006, when they were merged to form The Bank of Tokyo-Mitsubishi UFJ, Ltd.
In September 2008, MUFG signed a letter of intent with Morgan Stanley to form an alliance and purchase 20% of the American firm.
In 2008 at the 2008 ALB Japan Law Awards, Mitsubishi UFJ was crowned:
- In-House of the Year – Japan Investment Bank In-House Team of the Year
- Deal of the Year – Debt Market Deal of the Year
In April 2011, MUFG and Morgan Stanley entered into an agreement to convert MUFG's outstanding convertible preferred stock in Morgan Stanley into Morgan Stanley stock.