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Mitsubishi UFJ FG (MUFG)

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Updated2026-05-26
Review by2026-11-26
Sources15Machine-translatedOriginal (JA)
#JapanFG#megabank#basel-iii#governance#regulatory-ledger
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This entry sits under megabanks INDEX. Read it against Smfg for peer / contrast context and banking index for the broader system / regulatory boundary.

TL;DR

Japan’s largest financial group (total assets 431.7 兆円, net income 2 兆 4300 億円 / 2026-03 period (FY2026) results, the highest profit in Japanese banking history, 2026-05-15 disclosed). Established 2005-10-01 via the merger of Mitsubishi Tokyo FG + UFJ HD. Commercial banking + trust + securities (Morgan Stanley strategic alliance) + overseas (Asia-centered, Krungsri, etc.) on 4 axes. G-SIB Bucket 1. Group slogan “Be the world’s most trusted financial group” (世界が進むチカラになる). Origin of the abbreviation: UFJ = United Financial of Japan (the company name contains 2 instances of “Financial”). •

1. Company overview

Official name: 株式会社三菱 UFJ フィナンシャル・グループ • English name: Mitsubishi UFJ Financial Group, Inc. Securities code: TSE PRIME 8306 (listed 2001-04-01) / NSE Premier 8306 (listed 2005-10-01) / NYSE: MUFG • Established: 2001-04-02 (as 株式会社三菱東京フィナンシャル・グループ) • Current entity established: 2005-10-01 (merger of Mitsubishi Tokyo FG + UFJ HD; UFJ HD 1 share: Mitsubishi Tokyo FG 0.62 share allotment) • Headquarters: Marunouchi, Chiyoda-ku, Tokyo 2-7-1 (head office) / 1-4-5 (temporary head office, the Mitsubishi UFJ Trust Bank head-office building) • Institutional design: Company with a Nominating Committee, etc. (transitioned 2015-06 ) •

2026-03 period results (FY2026, consolidated, disclosed 2026-05-15) •

Item FY2026 (2026-03) FY2025 (2025-03) YoY
Ordinary revenue Undetermined (see .opinions/JapanFG/mufg.md) 13 兆 6299 億 9700 万円 —
Ordinary profit 3 兆 4100 億円 2 兆 6694 億 8300 万円 +27.7%
Net income (attributable to parent-company shareholders) 2 兆 4300 億円 (highest profit in Japanese banking history) 1 兆 8629 億 4600 万円 +30.3%
Total assets 431.7 兆円 413 兆 1135 億 100 万円 +4.5%
EPS 213.17 円 160.02 円 +33.2%
Annual dividend 86 円 64 円 +34.4%
Share price (2026-05-19) 3,108 円 / market cap 36.88 兆円 • — —
PER (forecast) 12.9x / dividend yield 3.08% / PBR 1.57x • — —

FY2027/3 earnings forecast •

Item FY2027 target
Net income 2 兆 7000 億円 (YoY +11.1%)
ROE (forecast) 12.10%

2025-03 period results (consolidated, for prior-period comparison) •

Item Amount
Sales (ordinary revenue) 13 兆 6299 億 9700 万円
Ordinary profit 2 兆 6694 億 8300 万円
Net income 1 兆 8629 億 4600 万円
Net assets 21 兆 7281 億 3200 万円
Total assets 413 兆 1135 億 100 万円
Employees (consolidated) 15 万 6253 名
Capital 2 兆 1415 億 1300 万円

Major shareholders (2025-03-31) •

Shareholder Ratio
The Master Trust Bank of Japan (trust account) 18.26%
Custody Bank of Japan (trust account) 5.85%
State Street Bank 4.51%
The Bank of New York Mellon 3.61%
JP Morgan Chase Bank 1.45%

Major subsidiaries / holdings

MUFG (holding company, listed 8306)
  ├── MUFG Bank (三菱 UFJ 銀行, 100%) ── commercial-banking core, one of the 3  megabanks
  │     ├── Bank of Ayudhya PCL / Krungsri (Thailand, 76.88%) ── largest Asian subsidiary
  │     ├── PT Bank Danamon Indonesia, Tbk. (Indonesia, 92.4%)
  │     ├── VietinBank (Vietnam, 19.7%)
  │     ├── Security Bank Corporation (Philippines, 20.0%)
  │     ├── Mitsubishi UFJ Bank (China) (三菱日聯銀行, 100%)
  │     ├── MUFG Bank Mexico / Europe / Malaysia / Brazil / Eurasia, 100% each
  │     ├── MUFG Americas Holdings Corp (95.3%, former UnionBanCal) ── holds U.S. Bancorp stock 4.39%
  │     └── Mitsubishi UFJ eSmart Securities (100%) ── former au Kabu.com Securities, acquired from KDDI 2025-01-31
  ├── Mitsubishi UFJ Trust and Banking (100%) ── one of the three major trust banks; pension assets exceeding 250 兆
  │     └── The Master Trust Bank of Japan (46.5%; Nippon Life 33.5%, etc.)
  ├── Mitsubishi UFJ Securities Holdings (100%)
  │     ├── Mitsubishi UFJ Morgan Stanley Securities (MUMSS, 60% / Morgan Stanley 40%)
  │     ├── Morgan Stanley MUFG Securities (49% / MS 51%) ── wholesale
  │     └── MUFG Securities Asia / India / EMEA / Canada / Americas (100% each)
  ├── Mitsubishi UFJ NICOS (100%) ── one of the three major credit-card companies
  │     └── Zenhoren (50.2%, acquired via TOB 2025-04-10, rent-debt guarantee)
  ├── ACOM (equity method 37.6% + trust 2.0% = 39.6%) ── major consumer-finance company, TSE STD 8572
  │     └── Easy Buy PCL (Thailand, 71%), etc.
  ├── Mitsubishi HC Capital (14.5% + bank 3.5% = 18.0%; Mitsubishi Corporation 18.4%) ── merger of former Mitsubishi UFJ Lease + Hitachi Capital
  └── WealthNavi (100%) ── robo-advisory

Merger history / predecessors

  • The former Mitsubishi Bank: established 1880 (Yataro Iwasaki, founder of the Mitsubishi zaibatsu)
  • The former Bank of Tokyo: 1946〜 (based on the former Yokohama Specie Bank), a foreign-exchange specialist bank
  • The Bank of Tokyo-Mitsubishi: merger of Mitsubishi Bank + Bank of Tokyo 1996-04-01
  • The former Sanwa Bank: merger of Konoike, Yamaguchi, and Sanjushi 1933 3 行 (the predecessor money-changer Konoike founded in 1656 )
  • The former Tokai Bank: merger of Nagoya, Aichi, and Ito 1941 名3 行
  • UFJ Holdings: 2002-01 Sanwa Bank + Tokai Bank + Toyo Trust Bank
  • MUFG: merger of Mitsubishi Tokyo FG + UFJ HD 2005-10-01

Integration background: as UFJ Bank’s non-performing loans ballooned → UFJ Trust was initially to be sold to Sumishin (2004-06) → the policy shifted to business integration with Mitsubishi Tokyo FG 2004-07 . Sumishin filed for a provisional injunction against the integration with the Tokyo District Court. The Tokyo High Court dismissed Sumishin’s application 2006-08-11, and a settlement was reached with Sumishin for a settlement amount of 25 億円 2006-11-20. •

Key chronology (excerpt) •

Year/month Event
2005-10-01 MUFG established / Mitsubishi Trust + UFJ Trust → Mitsubishi UFJ Trust / Mitsubishi Securities + UFJ Tsubasa → Mitsubishi UFJ Securities
2006-01-01 The Bank of Tokyo-Mitsubishi + UFJ Bank → The Bank of Tokyo-Mitsubishi UFJ
2006-06 Delisted from the London Stock Exchange
2007-04-01 UFJ NICOS + DC Card → Mitsubishi UFJ NICOS
2008-08-08 Mitsubishi UFJ NICOS made a wholly owned subsidiary → later sold to Norinchukin → 2017-10 buy back
2008-09-22 Capital alliance with Morgan Stanley; acquired common stock 21% for over about 9000 億円 (later stabilized at about ~20%)
2008-10-22 ACOM TOB → acquired 40%
2008-11-04 UnionBanCal Corp made a wholly owned subsidiary (about 3500 億円)
2010-04-01 Mitsubishi UFJ Securities → made an intermediate holding company (Mitsubishi UFJ Securities HD)
2010-05-01 MUFG × Morgan Stanley integration of Japan securities business → MUMSS + Morgan Stanley MUFG Securities
2012-12-27 VietinBank (Vietnam) capital-and-business alliance; acquired ~20% of shares for about 631 億円
2013-05-29 Announced dissolution of the Mobit JV (credit guarantee → MU Credit Guarantee, card loan → sold to SMBCCF)
2013-12-18 Krungsri TOB → acquired 72% of shares for about 5360 億円 (Thailand’s Bank of Ayudhya)
2014-07-01 UnionBanCal → reorganized into MUFG Americas Holdings; Union Bank, N.A. → MUFG Union Bank
2015-03 period First Japanese bank with net income exceeding 1 兆円
2015-06 Corporate governance → transition to a Company with a Nominating Committee, etc.
2016-01-14 Security Bank (Philippines) 20% acquired (about 916 億円)
2017-10-02 Japan Digital Design established (fintech)
2017-10 Bought back all Mitsubishi UFJ NICOS shares from Norinchukin (wholly-owned-subsidiary conversion completed)
2018-04-01 The Bank of Tokyo-Mitsubishi UFJ → renamed MUFG Bank (“Tokyo” dropped)
2018-04-16 MUFG Bank succeeded to Mitsubishi UFJ Trust’s corporate-lending function via an absorption-type split
2019-04-29 Bank Danamon (Indonesia) made a consolidated subsidiary (94% phased increase to about 3970 億円)
2019-04 JV with Akamai → Global Open Network Japan established (blockchain payments)
2021-04-01 Mitsubishi UFJ Lease + Hitachi Capital → Mitsubishi HC Capital
2022-02-22 Announced wind-down of Global Open Network Japan (difficulty achieving profitability)
2022-04 TSE / NSE market-segment review → TSE PRIME / NSE Premier
2022-12-02 Sold Union Bank, N.A. to U.S. Bancorp for about 7425 億円 (consideration: U.S. Bancorp stock ~3% = about 2700 億円 equivalent)
2023-08-03 Additional investment of about 1300 億円 in U.S. Bancorp → shareholding raised to 4.39%
2024-04 Elevated Mitsubishi UFJ AM (former Mitsubishi UFJ Kokusai Asset Management) from under the trust to the same level as the trust bank
2025-01-31 Sold all au Jibun Bank shares to KDDI au Financial HD; acquired Mitsubishi UFJ eSmart Securities (former au Kabu.com Securities) as consideration
2025-04-10 Mitsubishi UFJ NICOS → acquired 50.2% via the Zenhoren TOB
2025-04-15 Biz Forward → sold to Money Forward (factoring JV dissolved)
2025-10-01 MUFG Bank succeeded to the global-securities-business supervisory management of Mitsubishi UFJ Securities HD
2025-10-15 “MUFG Stadium” naming-rights contract (the National Stadium, 2026-01-26〜2030-01)
2026-04 Junichi Hanzawa took office as the 6 th president
2026-05-07 Announced a strategic alliance with Google (US) (an AI agent for personal financial services, with a target of practical use within FY2026 年)
2026-05-15 FY2026 results disclosed — net income 2.43 兆円, the highest profit in Japanese banking history (YoY +30.3%, total assets 431.7 兆, EPS 213.17 円, dividend 86 円. FY2027 target net income 2.7 兆円) •

2. Business-segment map

Segment Main operators Characteristics
Domestic corporate MUFG Bank・MUMSS Large-enterprise main bank, global IB
Domestic retail MUFG Bank・Mitsubishi UFJ NICOS Urban / affluent; digital is a follower
Trust / pension Mitsubishi UFJ Trust Pension assets exceeding 250 兆
Securities IB MUMSS (MS JV) + overseas 6 bases (Asia/India/EMEA/Canada/Americas) Global DCM/ECM/M&A
Credit cards Mitsubishi UFJ NICOS + DC + JCB alliance One of the three major credit-card companies
Consumer finance ACOM (equity method 39.6%) Asian expansion (Easy Buy PCL = Thailand)
Overseas (Asia) Krungsri 76.9% / Bank Danamon 92.4% / VietinBank 19.7% / Security Bank 20% Asia-concentrated
Americas MUFG Americas Holdings Holds U.S. Bancorp stock 4.39% (consideration for the former Union Bank sale)
Digital Japan Digital Design + MUFG × Google AI alliance Target of practical AI-agent use within FY2026 年
Leasing Mitsubishi HC Capital (TSE PRIME 8593) Merger of former Mitsubishi UFJ Lease + Hitachi Capital
Think tank Mitsubishi UFJ Research & Consulting (47%) -

Digital strategy

  • GO (Global Open) strategy: API opening / partner linkage
  • Insight as a Service: data / AI analysis for corporate clients
  • Japan Digital Design (established 2017-10-02): fintech subsidiary
  • Global Open Network Japan (2019-04 JV with Akamai → 2022-02 wound down): a history of frustrated blockchain payments
  • MUFG × Google strategic alliance (2026-05-07) ★: an AI agent for personal financial services, with a target of practical use within FY2026 年 •
  • Progmat Coin: stablecoin infrastructure (MUFG-led, with smfg and others participating)

Alliance / acquisition strategy

  • Morgan Stanley strategic alliance (2008-09-22〜): initial investment of 90 億 USD (about 9000 億円), acquiring 21% of issued shares → later maintained at about ~20%. The deepest global-IB tie-up in Japanese banking. 2010-05 integration of the Japan securities business
  • Google strategic alliance (2026-05-07〜): the AI-agent domain
  • Krungsri TOB (2013-12): Thailand’s largest bank, about 5360 億円
  • Bank Danamon consolidated-subsidiary conversion (2019-04): Indonesia, a phased increase of about 3970 億円
  • Union Bank sale → switch to U.S. Bancorp stock (2022-12): US retail exit, a shift toward IB concentration
  • Dissolution of the KDDI / au Jibun Bank stake (2025-01-31): all au Jibun shares to KDDI, acquiring Mitsubishi UFJ eSmart Securities (former Kabu.com Securities) 100% as consideration
  • Mitsubishi HC Capital (2021-04): merger of former Mitsubishi UFJ Lease + Hitachi Capital
  • Mobit dissolution (2013-05〜2014): dissolution of the Mitsubishi UFJ + SMFG JV, sold to the SMBC side

Overseas strategy

  • Asia concentration: Krungsri / Bank Danamon / VietinBank / Security Bank (equity-method 〜 consolidated subsidiaries)
  • Americas: Union Bank sale → holds U.S. Bancorp stock, concentration on IB / corporate lending
  • Europe: MUFG Bank Europe (Netherlands), etc.
  • China: Mitsubishi UFJ Bank (China) 100%

B2C branding

  • MUFG Stadium (contract 2025-10-15, 2026-01-26〜2030-01 , 5 years): National Stadium naming rights •
  • Corporate colors: MUFG Red (passion) + MUFG Gray (trust). The branding is by Kazumasa Nagai of Nippon Design Center

4. Regulation / policy

  • Jurisdiction: the Financial Services Agency (FSA)
  • Holding-company regulation: the Banking Act, Article 52 -17
  • Overseas regulation: BoT (Thailand), OJK (Indonesia), the US Federal Reserve System (FRB / OCC), ECB / BoE, etc.
  • Recent policy points:
    • 2024〜 normalization of the BoJ policy rate → a domestic interest-margin-improvement bonus
    • 2025〜 branch reduction / regional-branch reorganization
    • 2025〜2026 the stablecoin regime (Progmat major adoption)

Successive presidents •

No. Name Tenure Alma mater
1 Nobuo Kuroyanagi 2005-10〜2010-04 UTokyo Economics
2 Katsunori Nagayasu 2010-04〜2013-04 UTokyo Law / Keio Business Administration
3 Nobuyuki Hirano 2013-04〜2019-04 Kyoto U Law
4 Kanetsugu Mike 2019-04〜2020-04 Keio Economics / Wharton
5 Hironori Kamezawa 2020-04〜2026-03 UTokyo Science
6 Junichi Hanzawa 2026-04〜incumbent UTokyo Economics

5. Bank KPIs (Basel III + profitability metrics, FY2026 results) •

Metric FY2026 (2026-03) Mid-term target Notes
ROE (consolidated) 11.3% 12% (FY2027) YoY +2.1ppt
CET1 ratio (basic, Basel III fully-implemented basis) 9.2% 9.5%〜10.5% (FY2027) with the regulatory ceiling 9.5% in view
CET1 ratio (including securities unrealized gains) 10.8% — FY2024: 10.3% → FY2025: 10.1% → FY2026: 10.8%
Dividend-payout ratio (FY2026) 40.1% around 40% (mid-term policy) FY2022 35.3% → FY2026 40.1%, raised in stages
Total shareholder returns (FY2026) 9,760 億円 — dividend 5,000 億 + buyback 4,000 億 + additional 760 億 (announced 2026-05-15)
EPS 213.17 円 — YoY +33.2%
Dividend per 1 share 86 円 — YoY +34.4% (FY2022 32 → FY2026 86, CAGR 32%)

(Source: MUFG 2026-03 period results-briefing materials slides2603_ja.pdf, p.7-10 / databook2603.pdf, disclosed 2026-05-15)

NIM (net interest margin) / NPL ratio / cost-income ratio are not individually disclosed in this entry. The consolidated disclosure referred to the MUFG Bank standalone Basel III Pillar 3 report (https://www.mufg.jp/ir/report/basel3/) should be consulted. ?

6. Business-composition analysis (FY2026 by segment, consolidated) •

Breakdown of gross profits 5,991.3 億 (YoY +24.6%):

Segment FY2026 (¥100mn) share of customer divisions YoY Main operators
R&D + CWM (domestic retail / corporate / affluent) 1,064.6 19% +13.1% MUFG Bank domestic・Mitsubishi UFJ Trust
JCIB (Japanese large-enterprise IB) 1,125.9 20% +9.9% MUFG Bank corporate・MUMSS
GCIB (Global large-enterprise IB) 1,081.5 19% +18.8% MUFG Bank overseas・MUFG Securities
GCB (Global Commercial Banking) 904.2 16% -6.7% KS + BDI + other overseas local subsidiaries
├── KS (Krungsri / Thailand) 706.2 — -7.8% Bank of Ayudhya PCL
└── BDI (Bank Danamon / Indonesia) 187.7 — +1.3% PT Bank Danamon Indonesia, Tbk.
AM / IS (asset management / fiduciary) 866.9 15% +19.2% Mitsubishi UFJ AM・Mitsubishi UFJ Trust (fiduciary)
Global Markets (markets division) 306.9 — +190.4% MUFG Bank Treasury / MUFG Securities S&T
Other (consolidation) 19.3 — — —
Total 5,991.3 100% +24.6%

Breakdown of net operating profits 2,365.4 億 (YoY +51.1%):

Segment FY2026 (¥100mn) share of customer divisions YoY
R&D + CWM 285.9 11% +2.8%
JCIB 707.0 28% +11.1%
GCIB 580.3 23% +25.9%
GCB 387.6 15% -11.5%
├── KS 345.9 — -12.6%
└── BDI 83.8 — +2.5%
AM / IS 152.5 6% +12.5%
Global Markets (35.5) — +94.6% (loss narrowed)
Other (120.3) — —
Total 2,365.4 100% +51.1%

(Source: MUFG 2026-03 period Databook p.39 [databook2603.pdf], disclosed 2026-05-15)

How to read it: the 3 corporate-IB segments of JCIB + GCIB + GCB together account for 55% of gross profits and 66% of net operating profits, a corporate-IB-led earnings structure. Global Markets turned to a large surplus from FY2025 to FY2026 (FY2025: -339.5 → FY2026: +306.9), with the tailwind of rate normalization. GCB (KS+BDI) was negative YoY due to Thai / Indonesian local rates and FX.

7. Current board / corporate governance (as of 2026-04-01) •

Item Number / content
Total directors 16 名
Outside directors 9 名 (56.3%)
Inside directors 7 名 (43.7%)
Female directors 4 名 (25.0%)
Foreign-national directors 2 名 (12.5%) — Mari Elka Pangestu (Indonesia), David Sneider
Institutional design Company with a Nominating Committee, etc. (transitioned 2015-06 )

Outside directors (9 名, 2026-04-01)

Keiko Honda / Satoko Kuwabara / Hirofumi Nomoto / Mari Elka Pangestu / Hiroshi Shimizu / David Sneider / Miyuki Suzuki / Koichi Tsuji / Teruhisa Ueda

Inside directors (7 名, 2026-04-01)

Ryoichi Shinke / Takayuki Yasuda / Hironori Kamezawa (former president) / Junichi Hanzawa (incumbent president, 6 th) / Kanetsugu Mike (4 th president) / Makoto Kobayashi / Hiroshi Kubota

(Source: MUFG list of directors and executive officers 2026-04-01 https://www.mufg.jp/profile/overview/management/index.html)

8. History of regulatory sanctions (public basis, 2010-2026) •

A list of public sanctions / fines / consent orders, etc., by major domestic and overseas regulatory authorities. Includes subsidiaries such as MUFG Bank, Mitsubishi UFJ Securities HD, and MUMSS.

Date Regulator Target Sanction type Amount Summary
2013-06-20 NY DFS former Bank of Tokyo-Mitsubishi UFJ Consent order USD 250M OFAC sanctions evasion (USD settlement for Iran/Sudan/Myanmar 2002-07)
2014-11-18 NY DFS former Bank of Tokyo-Mitsubishi UFJ Consent order USD 315M False reporting to the DFS / pressure on the PwC consultant (softening the sanctions report)
2017-02-09 UK PRA BTMU + MUFG Securities EMEA Financial penalty GBP 26.78M Non-disclosure of the NYDFS investigation to the PRA
2017-08-07 CFTC Bank of Tokyo-Mitsubishi UFJ Settlement USD 0.6M Spoofing of US Treasury / Eurodollar futures (self-reported)
2019-02-21 OCC MUFG Bank (NY / Chicago / LA branches) Cease & desist (no monetary penalty) BSA violation / internal controls / insufficient SAR monitoring
2019-06-24 NY DFS MUFG Bank Settlement USD 33M Charter change / examiner dispute
2024-06-24 the FSA MUFG Bank + MUMSS + MS MUFG Securities Business-improvement order (no monetary penalty) Cross-border sharing of non-public customer information across the bank-securities firewall (100 件+ in 2019-23 )
2025-08-06 SEC MUFG Securities EMEA Settled charges USD 9.8M SBSD substituted-compliance violation (2021-24)

(Source: official press releases of each regulatory authority, 2026-05-26 verified)

Observation: the sanctions of the 2010 年s were mainly concentrated in the US OFAC / BSA / AML lines (NY DFS / OCC) and CFTC spoofing. The 2024-06 FSA business-improvement order was for a domestic firewall-regulation violation, a case in which the governance challenge of the overseas-IB-first strategy became manifest.

Sources

[!info] Verification status confidence: certain (v3.0 2026-05-26 expansion: the 4 sections of bank KPIs / business-composition analysis / current board / regulatory-sanction history added via primary-source verification). FY2026 key KPIs (net income 2.43 兆 / total assets 431.7 兆 / ordinary profit 3.41 兆 / EPS 213.17 / dividend 86 円 / FY2027 target 2.7 兆) confirmed via multiple paths from MUFG official IR + Nikkei. CET1 9.2% / ROE 11.3% / segment results extracted from the results-briefing materials + Databook (slides2603/databook2603). The board 16 名 composition is from the 2026-04-01 official list of officers. The regulatory-sanction history is extracted primarily from the official press releases of NY DFS / OCC / CFTC / UK PRA / FSA / SEC 8 件. NIM / NPL ratio / cost-income ratio are not individually disclosed in this entry; consulting the Pillar 3 report is recommended ?. The precise value of FY2026 ordinary revenue is undetermined (2026-05-29 re-verified: the MUFG official financial-summary PDF failed binary extraction in both Japanese and English, and kabutan / minkabu / the Official Gazette / Nikkei are 403 / paywall-restricted. Secondary aggregate figures also diverge between 14,620,843 百万円 and 15,564,500 百万円, and since no primary-confirmable source could be obtained, it is isolated to .opinions/JapanFG/mufg.md). FY2026 3Q cumulative ordinary revenue is reported as about 10 兆 6,438 億円 (YoY +3.6%). Individual subsidiary holdings vary by point in time; for the latest figures, refer to MUFG IR Quarterly.

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