Bank of Tokyo-Mitsubishi UFJ to open B'lore branch

The Bank of Tokyo-Mitsubishi UFJ Ltd (BoT-M) is all set to open its fifth branch in India in Bangalore this year to take advantage of emerging lending opportunities in the manufacturing and infrastructure spaces, a senior executive of the bank said this week.

The manager at the bank's global business division, Yoshihiro Nakamura, said, “We have got RBI's approval and will be opening our Bangalore branch by October this year.” He added that the bank is also planning to open a branch in Ahemadabad later.

Nakamura was speaking to Deccan Herald on the sidelines of the “Advantage Karnataka: Destination for Auto & Engineering Sector” organised by the Japan External Trade Organisation (Jetro) and Karnataka Udyog Mitra in Bangalore on Thursday.

Karnataka, according to consulting firm Ernst & Young, is fourth in automotive production in India.
Some of the major projects coming up include Honda's two wheeler manufacturing plant, British motorcycle firm Triumph Motors and Swedish automobile group Scania.

He said that the bank will primarily be lending to Indian and Japanese ventures in South India.
“Our exposure in terms of assets is 90 per cent Indian and 10 per cent Japanese customers, while in terms of customers, it is just the opposite. India is an important country for us, especially when it comes to lending to infrastructure and manufacturing companies.”

The Director General of Jetro, Naoyoshi Noguchi, said that out of the $9.3 billion FDI inflow into Karnataka in the last 10 years, 15 to 20 per cent came from Japan.