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One of World Biggest Banks Sets Foot in Russia
A subsidiary of the Bank of Tokyo-Mitsubishi UFJ Ltd was licensed in Russia past week. Even though a new bank will confine to the corporate clients at first, the analysts are sure the Bank of Tokyo-Mitsubishi UFJ (Eurasia) can win a sizeable niche in retail.
Past week, the Central Bank of Russia (CBR) announced via the web-site that it licensed ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia). This bank is the 100-percent subsidiary of one of the bank blockbusters, the Bank of Tokyo-Mitsubishi UFJ Ltd., which managed to outrun Mitsui Sumitomo and Mizuho en route to Russia. The last two banks of Japan are just planning their arrival.
A new bank is building up the team, the sources say; both the subsidiary and the Tokyo office have declined to comment. But Toru Shinagawa, who is in charge of Russia’s office of the Bank of Tokyo-Mitsubishi UFJ Ltd, said in July the bank will first focus on corporate clients, mostly the companies of Japan that work in Russia or intend to approach this market.
The analysts say the arrival of such giant signals the bank market of Russia has matured and gained attractiveness. “The market has reached the stage of development, when it interests biggest financial groups of the world,” said Vadim Gavrilov, vice president at Uniastrum bank.
Tokyo-Mitsubishi will confine to corporate and investment businesses in the first year or two because cautiousness is a matter of policy in Japan, market players explain, adding the bank has all chances to succeed once it proceeds to retail. The credit rates offered by the banks of Japan are usually the lowest.
www.kommersant.com
All the Article in Russian as of Aug. 28, 2006
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