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Fubon Financial partners up with Mitsubishi UFJ

Fubon Financial Holding Co (富邦金控) signed a memorandum of understanding with Mitsubishi UFJ Financial Group Inc to form a strategic alliance between their banking units, a Fubon Financial official said yesterday.

“This represents a first step between the two companies’ banking units in exploring opportunities to provide corporate banking services to businesses in Asia,” a Fubon Financial vice president, who requested anonymity, told the Taipei Times during a telephone interview yesterday.

She said the two banks had been working together in the foreign exchange business for many years and launched negotiations on the partnership 18 months ago.

Fubon Financial, the nation’s third-largest financial services company by market value, and Mitsubishi UFJ Financial — Japan’s biggest bank by market value — will soon provide more details about the new alliance, she said.

Mitsubishi UFJ Financial is the world’s 10th largest financial group, with ¥193 trillion (US$1.8 trillion) in assets.

In a press statement yesterday, Fubon Financial chairman Daniel Tsai (蔡明忠) said he hoped that the new partnership with the Japanese financial service provider would help Fubon as it continues to position itself as “a top-tier financial institution” in the Asia-Pacific region.

The partnership will cover corporate banking, accounts receivable and syndicated loans, Tsai said.

It could expand into retail, private banking and trade finance, he said.

Shares of Fubon Financial rose 0.38 percent to NT$26.5 yesterday after the Financial Supervisory Commission said on Wednesday it would allow insurance companies, such as those controlled by Fubon Financial, Cathay Financial Holding Co (國泰金控) and Shin Kong Financial Holding Co (新光金控), to buy back their own shares to help shore up the local stock market.
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