MUFG Bank launches system development, operation unit in India
NEW DELHI, NNA - MUFG Bank has set up a system development and operation wing in India, planning to develop it into a unit to support the Japanese bank's business in the Asian and Oceanian regions and elsewhere.
MUFG Bank, a unit of Mitsubishi UFJ Financial Group Inc., established MUFG Enterprise Solutions India Pvt. Ltd. last Thursday and placed the head office in the financial capital of Mumbai and a branch office in Bengaluru, known as India's Silicon Valley, according to a MUFG Bank statement.
"The head and branch offices are expected to start operation in February to March," a Mitsubishi UFJ Financial Group spokeswoman told NNA last Thursday, adding that a Japanese head will lead some 20 local staff members.
By utilizing the world's largest digital workforce in India, the bank aims to build a more sustainable and efficient system operation platform, the statement said.
With a capital of 312 million rupees ($4 million), MUFG Bank holds a 99.9 percent stake, while its system development arm Mitsubishi UFJ Information Technology Ltd. holds the remainder.
The Indian unit will initially conduct tests for the bank's banking and payment systems in the Asian and Oceanian regions, as well as developing and managing its workflow systems and other internal systems. (NNA/Kyodo)