Mitsubishi UFJ CEO Plans to Boost Loans to U.S. Energy Industry
With the recent boom in oil, the U.S. is expected to become a net exporter of energy for the first time ever, and Japan is ready to support that growth. President of Mitsubishi UFJ, Nobuyuki Hirano, has stated his plans to expand loans to the energy industry in the U.S., which currently makes up about 60 percent of the banks revenue outside of Japan. Hirano is looking to purchase middle sized banks on the west coast to promote the best “geographical synergy.”
Hirano has big plans for the U.S. markets, expecting to grow gross profit by 30 percent for the region. “’No other market is bigger or deeper than the U.S.,’ said Hirano, who served on Morgan Stanley’s board for two years until May 2011. ‘The chance to grow our businesses there remains high.’” The growth includes the real estate market, with a large portion being in New York, which is currently expanding at a much faster pace.
Japan seems to be becoming a more aggressive economy overall, and with the stance set by Nobuyki Hirano, their economy is going to become much more integrated with America’s. Through many acquisitions, Mitsubishi UFJ is going to become tied to the growth and profit of the energy industry in the U.S.