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MUFG strengthens financial cooperation with Indonesian bank

ANI | Updated: Aug 05, 2019 11:53 IST

Jakarta [Indonesia], Aug 5 (ANI): Economic growth in Indonesia is attracting international investments.
Mitsubishi MUFG, Japan's largest bank is expanding its overseas investment and its partnership with Bank Danamon represents another milestone for its strategic plans in Asia.
This partnership is also a strong testament to the bank's optimism in Indonesia's long-term prospects and commitment to the ongoing development of its banking sector.
MUFG has over 360 years of history and a global network of around 3,000 locations in more than 50 markets.
It has been in Indonesia for more than 50 years since the opening of its branch in 1968.
MUFG's partnership with Bank Danamon promises to usher a new era of collaboration and success between both the banks in the country.
"MUFG has a sort of clear vision to achieve sustainable long-term growth by leveraging its strengths and network with ASEAN-based partner banks, which include Danamon in Indonesia obviously. Under this strategic framework between MUFG and its partner banks, including Danamon, Danamon can leverage MUFG as a sort of management platform. So under these initiatives, Danamon can acquire and operate in global operating standards and stay ahead of its peers," said Yasushi Itagaki, the Global Alliance Strategy Director, Bank Danamon.
The two banks are strengthening their reach into the Indonesian financial sector through mutual cooperation.
"MUFG investment in Danamon has brought about a positive impact to us. Even in the short-term, because we believe MUFG with its financial strengths, it has huge global partners and corporate clients, whether it's international as well as Japanese clients. Together with Danamon, we can provide a full and comprehensive financial solution to the customers," said Michellina Triwardhany, Vice President Director, Bank Danamon.
"So for example, we can offer big corporate clients loans, corporate loans. But at the same time, we can offer distributive financing or financial supply chain because we have a huge network around Indonesia, including benefits to its employees -- whether it's payroll, access to the mortgage, access to a credit card or any other facilities, banking facility. Obviously, also we are also able to leverage MUFG capabilities, especially in a digital arena now. Leveraging digital capability will uplift our capabilities in providing a more similar solution and fast, easy solution for our customer," she added.
MUFG's commitment is to support both the development of the banking industry and Indonesian economic growth. (ANI)