In an effort to grow its business in India, Japan's MUFG Bank announced that it had increased the capital of its Indian branches by 3,000 crore. The overall capital of MUFG Bank in India would increase to 5,207 crore as a result of this capital infusion, according to the announcement.
With the help of the funds, MUFG Bank will strengthen its financial base in India and better respond to the diverse financing needs of its clients, it added.
“India’s growth has been a phenomenal success story and this capital increase is a reflection of MUFG’s optimism of the country’s future and commitment to its long-term development. MUFG is proud of its longstanding presence in India and our ambition has always been to establish ourselves as one of the top global foreign franchises here. With this increase in capital, we will be in a stronger position to better support our clients and their aspirations, while further showcasing the remarkable opportunities that India has to offer to global companies," said Atsushi Deguchi, regional executive of India and Sri Lanka at MUFG Bank.
In 2020, the bank set up MUFG Enterprise Solutions India Pvt. Ltd as its global capability centre that supports the technology and innovation arm for MUFG.
In March, MUFG Ganesha Fund was established which is a $300-million fund to invest exclusively in seeding Indian start-ups and in September the fund marked its first investment.
The bank has also expanded its presence by opening a branch at Gujarat International Finance Tec-City (GIFT City).