MUFG Chases Global Peers for Cash in $1.3 Trillion Bank Business

Mitsubishi UFJ Financial Group Inc. is trying to boost its transaction banking business by hiring more people and expanding domestic money transfer services in Asia, as it plays catch-up with global peers, according to a senior executive.

Japan’s largest lender has trailed behemoths JPMorgan Chase & Co. and HSBC Holdings Plc over the past decade but it is looking to capitalize on its competitive strengths in key Asian markets, Masahiro Matsumoto, global head of transaction banking at MUFG Bank Ltd., told Bloomberg News in an interview.