The Asian Strategy

The Asian Strategy
July, 2012
This document contains forward-looking statements in regard to forecasts, targets and
plans of Mitsubishi UFJ Financial Group, Inc. (“MUFG”) and its group companies
(collectively, “the group”). These forward-looking statements are based on information
currently available to the group and are stated here on the basis of the outlook at the time
that this document was produced. In addition, in producing these statements certain
assumptions (premises) have been utilized. These statements and assumptions (premises)
are subjective and may prove to be incorrect and may not be realized in the future.
Underlying such circumstances are a large number of risks and uncertainties. Please see
other disclosure and public filings made or will be made by MUFG and the other
companies comprising the group, including the latest kessantanshin, financial reports,
Japanese securities reports and annual reports, for additional information regarding such
risks and uncertainties. The group has no obligation or intent to update any forwardlooking statements contained in this document.
In addition, information on companies and other entities outside the group that is recorded
in this document has been obtained from publicly available information and other sources.
The accuracy and appropriateness of that information has not been verified by the group
and cannot be guaranteed.
The financial information used in this document was prepared in accordance with
accounting standards generally accepted in Japan, or Japanese GAAP.
2
Contents
„ The Outline of Asia
(1) Millenary Changes in GDP (AD1~2050)
5
(2) Changes from Asian Financial Crisis
6
(3) Shift in Demographics
7
(4) Overview of Japan’s Financial History
8
(5) Financial Markets in Major Countries in Asia
9
„ The Asian Strategy
(1) Commitment to Asia Spanning Two Centuries
11
(2) Mid-Term Business Plan in Asia
12
(3) Targeted Countries / Region and Key Strategies
13
(4) Asian Strategy (i)~(iii)
14~16
„ Appendix
(1) Global Network (China, Hong Kong, Taiwan, Korea)
18
(2) Global Network (South East Asia, India, Oceania)
19
(3) Overview of Recent Investments and Alliances in Asia
20
3
The Outline of Asia
4
Millenary Changes in GDP (AD1~2050)
„ Asia was the economic center with more than half of the world GDP until the middle of the 19th century.
„ The center has moved to Europe and the US since then, however, it is widely expected to return to Asia by
the middle of the 21st century.
Changes of Regional GDP Share （AD1~2050）
1841: Opium War
1858: Indian Revolt
Asia Era
Europe Era
100%
17%
75%
17%
22%
14%
3%
7%
3%
6%
29%
1%
US Era
6%
45%
61%
61%
62%
Asia Era
7%
7%
47%
39%
18%
31%
59%
70%
40%
20%
33%
50%
31%
40%
57%
1600
1700
Asia
1820
Americas
30%
52%
29%
27%
29%
33%
2000
2010
2015
20%
10%
0%
1500
60%
37%
18%
1000
80%
30%
2% 4%
37%
1
100%
7%
23%
12%
63%
5%
29%
32%
50%
25%
2008: Financial Crisis
90%
26%
24%
2% 4%
10%
11%
12%
1945: WWII
1870
1900
Europe
1950
2050
1
0%
Middle East & Africa
(Source) AD1~1950：Angus Maddison、2000~2015：IMF、2050：Asian Development Bank
(Note) 1. Asia includes 5 Central Asia, 3 Caucasian countries and Iran only for 2050.
5
Changes from Asian Financial Crisis
„ Current-account to GDP ratio and foreign exchange reserves of major countries in Asia have improved
and increased while the external debt to GDP ratio has declined since the Asian financial crisis.
„ The economic situation has improved significantly with higher resistance to economic crisis.
Current-account to GDP ratio and Foreign Exchange Reserves of major countries in Asia
Thailand
Indonesia
Vietnam
-15%
-15%
External debt to GDP ratio
2010
0%
2010
0%
Malaysia
-15%
-15%
0%
0%
15%
15%
15%
15%
30%
30%
30%
30%
45%
45%
45%
45%
60%
60%
60%
75%
75%
75%
90%
90%
90%
60%
-7%
1997
0%
7%
14%
-7%
1997
0%
7%
14%
2010
2010
1997
75%
1997
90%
-7%
0%
7%
14%
-7%
0%
7%
14%
Current-account to GDP ratio
China
Korea
-15%
2010
External debt to GDP ratio
0%
15%
-15%
0%
0%
15%
1997
India
-15%
2010
Philippines
-15%
0%
2010
15%
1997
1997
30%
30%
30%
45%
45%
45%
45%
60%
60%
60%
60%
75%
75%
75%
75%
90%
-7%
7%
14%
-7%
0%
7%
14%
-7%
2010
30%
90%
90%
0%
1997
15%
90%
0%
7%
14%
-7%
0%
7%
14%
Current-account to GDP ratio
(Source) BTMU Economic Research Office
Foreign exchange reserves / Imports
6
Shift in Demographics
„ One of the factors of Asia’s economic growth is its demographic bonus where the working age population
shows increase over the dependent population.
„ Asia is expected to constantly have countries with demographic bonus and to maintain high growth.
Ratio of Working Age to Dependent Population1
2.6
Chart
East Asia
2.4
Rising
Demographic bonus
Declining
Demographic onus
Japan
Europe
Southeast Asia
South Asia
2.2
North America
2
1.8
1.6
1.4
1.2
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
2035
2040
2045
2050
(Source) UN
(Note) 1.Working age: between 15 and 64, Dependent population: up to 14 and 65 or over
7
Overview of Japan’s Financial History
„ Asia consists of various countries which vary in economic fundamentals, regulations, and financial
development.
„ It is essential to consider what and how each country is in making the strategies and business
plans.
History of Japanese banks, GDP growth rate, and GDP per capita (2010)
Demographic Bonus
Economy
Oil
Shock
High Growth
Demographic Onus
Stable growth
Bubble
Low growth
Korea
$20,700
Taiwan
$18,500
China's coastal areas
$12,800
Malaysia
$8,423
Philippines
Cambodia
Thailand
India $2,123
China (avg.) $4,992
Myanmar$814 Vietnam $1,370
$1,173
$742
Indonesia $4,382
0
Big Bang
20%
15%
GDP per capita (Japan/USD)
10%
Real GDP growth rate
*Shanghai in 2009
(National Bureau of Statistics of China)
(Source) IMF and Cabinet Office
$3 K < <$10 K
$10 K <
2010
2009
2008
2007
2006
2005
2004
2003
2001
2002
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1975
-5%
1976
1974
1973
1972
1971
1970
1969
1967
1968
1966
1964
1963
1961
1962
1965
<$3 K
5%
0%
$2,974
1960
GDP
per capita
$43,100
Lift a ban on financial holding companies
Full liberalization of foreign exchange
Financial System Reform Act
$31,500
Full liberalization of deposit interest rate
Report released by Japan-US Yen-Dollar
Plaza Accord
Hong Kong
Lifting of a ban on mutual entry into bank, trust bank and securities
10,000
Liberalization of overseas capital transactions
20,000
Deregulation of domestic investments from foreign investors
Tokyo Olympics
30,000
Osaka Expo
Opening of Tomei and Meishin Expressway
40,000
Full revision of Foreign Exchange and Foreign Trade
Singapore
$30 K <
8
Financial Markets in Major Countries in Asia
„ Diverse Asian countries are classified into three categories.
„ As the degree of economic / financial development differs, expected financial needs and banking
business also vary.
Figure 1: Classification of Major Asian Countries (2010)
Japan-dependent economies
Thailand, 35%
Self-sustaining economies
15%
Taiwan, 23%
Australia, 12%
Trade with Japan2
12%
Korea, 23%
China, 7%
9%
Philippines, 29%
Indonesia, 10%
Malaysia, 12%
Vietnam, 23%
Hong Kong, 2%
6%
Degree of
Japanese
companies’
entry into the
market3
Singapore, 10%
Peripheral countries
3%
India, 12%
Myanmar, 1%
Pakistan, 4%
0%
-3%
3%
8%
13%
Japan’s ODA1
18%
23%
(Source) IMF and Ministry of Foreign Affairs of Japan
Figure 2: Stages of Financial Development by Economy Type
GDP per capita
Stage
Banking business
Self-sustaining economies
Japan-dependent economies
Peripheral countries
USD 13,000 or more
Under USD 8,000
Under USD 1,000
Growth - Maturity
Development
Dawn
Advanced
Advancement started
Mainly deposits and loans
(Note) 1. Japan’s cumulative ODA to the country divided by GDP of the country (2009) 2. Volume of trade with Japan divided by total trade of the country (2010)
3. Cumulative direct investment by Japan divided by the total direct investments to the country (2009)
9
The Asian Strategy
Commitment to Asia Spanning Two Centuries
„ BTMU's presence in Asian stretches back to the 19th century (as Yokohama Shokin Bank).
„ Despite interruptions due to war and internal conflicts our commitment has continued through two
centuries.
A long-term relationship with Asia.
Cambodia
Representative office
Branch
Subsidiary
1956
Thailand
1936 1940 1945
Vietnam
1920
1962
1952
1942 1945
2012
1967
1962
1956
1993 1996
1975
Indonesia
19181919
19571959
Myanmar
19181919
Philippines
1945
19181919
1945
1954
1995
1984
1953
1977
Singapore
1916 1919
India
1894 1900
1941
19541957
1941
1953
China
1893
1890
1900
1900
1980
1945
1910
1920
1930
1940
1950
1960
1970
1980
2007
1995
1990
2000
2010
11
Mid-Term Business Plan in Asia
Next stage in Asia business – to become a financial group with an increasing global presence
Build a solid industry position as a No.1 foreign bank in Asia (outside Japan) by constantly upgrading the business model from
the perspectives of business expansion and internal controls.
Strategies
EMEA
Build a strong organization to address the accelerated business expansion of clients into Asia and
tightening local regulations.
Support office administration, assisting expansion of businesses in Asia.
CrossRegional
CrossRegional
B
Enhanced
Office
Functions
Americas
St
re
ng
th
en
in
g
C
Enhanced
Office Functions
Strengthening of
Asian HQ Functions
Strengthen cooperation within and beyond Asia to support companies expanding business globally.
C
Q
B
Unified Approach
H
A
Content
HQ
Support
A
Regionally
Unified
Approach
ASIA
12
Targeted Countries / Region and Key Strategies
Targeted Countries / Region (Figures in 2010)
Greater China
(China, Taiwan and Hong Kong)
India
Indonesia
Korea
Self-sustaining economies
(Stage of growth – maturity)
Peripheral countries
(Stage of dawn)
Japan-dependent economies
(Stage of development)
Self-sustaining economies
(Stage of growth)
USD 4,000 (China) –
USD 31,000 (HK)
USD 1,000
USD 3,000
USD 20,000
1.37 billion
(top in the world)
1.21 billion
(second in the world)
0.24 billion
(fourth in the world)
0.05 billion
(twenty-fifth in the world)
USD 6.6 trillion
USD 1.6 trillion
USD 0.7 trillion
USD 1 trillion
USD 1,021.0 billion
USD 135.0 billion
USD 61.0 billion
USD 71.0 billion
The remaining
years of
population bonus
5 years
30 years
15 years
0 years
RORA
(=pretax income /
risk assets)
Taiwan 0.7% - China 1.6%
1.6%
3.3%
1.3%
USD 5.0billion
USD 20.0billion
USD 0.01billion
USD 30.0billion
Type
GDP per capita
Population
GDP
Revenue pool
(2015E)
Outstanding of
securitization
(2009)
Key strategies
„ Promote trade finance
business by capturing trade
flow of client companies.
„ Capture RMB settlement
business associated with
trading / investments.
„ Participation in primary and
secondary bond markets
business.
(Source) UN, IMF etc.
„ Expand settlement business „ Support collaboration
for client companies focusing
between client companies
on domestic sales.
focusing on domestic sales
and local companies.
„ Capture large infrastructure
development deals and
„ Promote trade finance
investment deals.
business, capturing
company’s trade flow.
„ Opening branches in areas
favored by Japanese
„ Consider moving into SMEs,
companies.
retail business.
„ Strengthen marketing to
global companies in Korea.
„ Providing support for diverse
financing needs including
securitizations and overseas
projects.
13
Asian Strategy (i)
„ Solid increase in gross profits with both Japanese and non-Japanese. Growing in CIB and forex
income in addition to loans income. Ensuring a good revenue balance in each region.
„
Aiming to increase gross profits for FY14 by 50% from FY11.
Gross profits1
Gross profits by regions
By segment (¥bn)
By product (¥bn)
100
100
80
80
38.1
33.4
60
16.2
60
31.0
28.8
11.0
40
12.0
20
32.7
39.0
44.6
4.2
50.7
14.0
14.1
10.9
40
12.2
13.4
12.6
12.8
11.9
6.2
23.4
25.2
FY10
H2
Non-Japanese
FY11
H1
FY11
H2
Japanese
India
10%
Greater
China
37%
9.0
28.7
34.7
ASEAN
38%
0
FY10
H1
Korea
8%
8.2
20
0
Oceania
7%
17.8
FY10
H1
FY10
H2
FY11
H1
Loans
Fees and commissions
CIB
FY11
H2
Deposits
Forex
(Note) Exchange rates: Those adopted in business plan ($/¥=95, others)
1. Figures for gross profits are those from customer business
14
Asian Strategy (ii)
„ Increased lending balance in each country through adopting strategy to the characteristics of each market.
China
Hong Kong
(US$bn)
Australia
(US$bn)
14.5
15.0
15.0
12.7
10.3
10.0
6.8
6.5
7.6
6.9
15.0
Non-Japanese
6.0
6.7
Non-Japanese
0.0
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Non-Japanese
Japanese
Japanese
Non-Japanese
15.0
15.0
15.0
10.0
10.0
10.0
5.9
Japanese
6.8
5.0
5.0
0.0
0.0
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Non-Japanese
7.8
Korea
(US$bn)
5.5
7.5
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
(US$bn)
4.8
6.5
0.0
Indonesia
7.0
4.3
6.2
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Japanese
(US$bn)
10.0
10.0
5.0
Thailand
15.0
9.1
8.5
0.0
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Japanese
(US$bn)
8.0
5.0
India
5.0
15.0
7.2
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Non-Japanese
(US$bn)
10.0
10.0
0.0
0.0
(US$bn)
11.3
5.0
5.0
Singapore
Japanese
3.6
4.0
4.7
5.1
5.0
2.6
2.9
3.3
3.6
0.0
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Non-Japanese
Japanese
End
End
End
End
Sep 10 Mar 11 Sep 11 Mar 12
Non-Japanese
Japanese
(Note) Loans outstanding on consolidated basis, counted by the nationality of each borrower for internal management purpose. Excl. financial institution.
15
Asian Strategy (iii)
„ Upgrade the Asian business model and become established as the leading foreign bank.
„ Improve products and services while strengthening marketing within and beyond the region through
commercial bank/trust bank/securities cooperation; improve regional governance by bringing Head Office
functions to the Asian front line.
Greater China (China/HK/Taiwan)
z
Through steps such as obtaining a first foreign
bank certification for each of new operations,
such as issuing RMB bonds in China mainland,
establish position as a first class foreign bank
z
Strengthen loan and settlement business, etc. by
cooperating with branches (20 locations) within
the region. Upgrade RMB-related business
z
Aim to expand network centered on China
Comparison with foreign banks’
subsidiaries in China (2011)
z
No.2 in net business profits after HSBC among local
branches of foreign banks1, as a result of close
relationships with Korean corporations
z
Strengthen marketing and aim for core bank status,
assisting Korean corporations with globalization. (Set
up Global Korean Business Office)
z
Strengthen securitization, ECA finance, project
finance and capital market business
(Note) 1.Japanese banks: Apr 10 - Mar 11, other foreign banks:
Jan 10 - Dec 10
Indonesia
(¥bn)
120
114.1
80
57.7
43.0
40
Korea
z
Having opened the branch more than 40 years ago,
solid business base centered on Japanese
corporations. Top lender among foreign banks
z
Capture more infrastructure/resource finance and
M&A projects. Strengthen business with financial
institutions and syndicated loans
z
Strengthen local group synergies (CIMB, etc)
61.5
23.5
19.2
0
BTMU
HSBC
Citi
Gross profit
Net business profits
Australia
(Source) Company disclosures Exchange rates: RMB/¥=14.03
z
Strengthen project finance and resource/
infrastructure-related loans to large non-Japanese
organizations (Setting up the Perth branch to make 3
branches in Australia and Australian Structured
Finance Office)
z
Alliance with AMP, one of the Australian “big 5”
financial institutions
India
z
Strengthen loan and cross-selling business to
major non-Japanese corporations
z
Achieve critical mass in S&T business by
bringing it under joint control with Global Markets
z
Further strengthening largest network of any
Japanese bank by opening new branches (now 3
branches)
16
Appendix
17
Global Network (China, Hong Kong, Taiwan, Korea)
China, Hong Kong, Taiwan, Korea
China
„ Bank of Tokyo-Mitsubishi UFJ (China) established in 2007.
„ BTMU (China) operates a total of sixteen offices, eleven branches and five
sub-branches.
„ Headquartered in Shanghai, each BTMU (China) branch provides full banking services including foreign currency and RMB deposits, loans, remittances, trade settlement, and exchange. In addition, derivative transactions,
internet banking, and information services are provided.
Shenyang
Beijing
Korea
„ Rep. office opened in 1966, a year after the restoration of
diplomatic ties. First Japanese bank to open a branch in
1967.
Dalian
Tianjin
Seoul
Beijing
„ First foreign bank rep. office opened in 1980; BTMU was the first
foreign bank to upgrade Beijing rep. office to branch status (1995).
„ First Japanese bank to open sub-branch in Beijing EconomicTechnological Development Area, a concentrated area for Western
companies (2011).
„ Covers North China, excluding Tianjin.
Qingdao
Shenyang
„ First Japanese bank rep. office opened in 2005, upgraded
to branch status in 2012.
„ Collects and analyses information on Liaoning (excl. Dalian),
Jilin, and Heilongjiang provinces.
Tianjin
„ First Japanese bank rep. office opened in 1987, upgraded to
branch status in 1995.
„ Tianjin Binhai Sub-branch opened in Binhai Finance Zone (2007)
with a high concentration of Japanese companies.
Chengdu
„ Rep. office opened in 1995, upgraded to branch status in 2010
(sole Japanese bank branch in Western China).
Wuxi
Shanghai
Wuhan
Qingdao
„ Branch opened in 2011.
„ Covers Shandong Province.
Chengdu
Shenzhen
„ Branch opened in 1986 (first Japanese bank to establish a branch
in China).
Guangzhou
„ Rep. office opened in 1984, upgraded to branch status in 2008.
„ First Japanese bank sub-branch opened in Guangzhou Nansha
Development Zone (2010), a concentrated area for leading
international companies (automobile, petrochemical, steel, IT).
Hong Kong
„ Over fifty years history with rep. office opened in 1952, becoming
Hong Kong Branch in 1953.
„ Three offices: Hong Kong and Kowloon branches, East Tsim Sha
Tsui sub-branch.
„ Supports business connections between Japanese and nonJapanese companies.
„ The Hong Kong, Shenzhen and Guangzhou branches jointly
support customers in the South China region.
Wuhan
„ Branch opened in 2012.
„ Covers Hubei and Hunan
provinces.
Taipei
Shanghai
„ Rep. office opened in 1982, upgraded to branch status in
1991, first among foreign banks.
„ Sub-branch opened in Hongqiao (Western Shanghai) in
2011, a concentrated area for Japanese companies.
„ Covers East China excluding Jiangsu Province.
Wuxi
„ First Japanese bank rep. office opened in 1997, upgraded
to branch status in 2006.
„ Covers Jiangsu Province.
Shenzhen
Guangzhou
Kowloon
Hong Kong
Dalian
„ Rep. office opened in 1984, upgraded to branch status in
1992.
„ First foreign bank sub-branch opened in Dalian Economic &
Technological Development Area in 2007, a concentrated
area for Japanese companies.
Subsidiary (incl. subsidiary’s branch,
sub-branch)
Branch, Sub-branch
Taiwan
„ Rep. office opened in 1990, became Taipei Branch in 1993.
„ Supports business connections between Japanese and
local companies.
Representative Office
18
Global Network (South East Asia, India, Oceania)
South East Asia, India, Oceania
Pakistan
„ Karachi Branch opened in 1953 (only
Japanese bank office); has an over eighty
year history through the former Yokohama
Shokin Bank.
„ Focusing on collection of information related
to Japan’s ODA.
New Delhi
Bangladesh
„ Dhaka Rep. Office opened in 1990 (only
Japanese bank office).
„ Focusing on collection of information related
to Japan’s ODA.
Myanmar
„ Yangon Rep. Office opened in 1995.
„ Maintains a nearly uninterrupted business history
since the opening of the former Rangoon Rep.
Office in 1954.
Vietnam
„ Ho Chi Minh City Branch opened in 1996, Hanoi
Branch in 1998; has a long business history
(including temporary closure) through the 1920
establishment of the former Yokohama Shokin
Bank’s Saigon Branch.
„ Through alliance with local bank, offers cash
collection service using local bank networks.
Karachi
India
„ Presence in India for more than fifty years:
Mumbai Branch opened in 1953, New Delhi
Branch in 1963, Chennai Branch in 1996.
„ Covering all India through three branches;
BTMU is the only Japanese bank with an
office in South India.
„ Japanese staff provide Indian market
information from Mumbai Branch Sales &
Trading Department.
Australia
„ Subsidiary opened in 1985.
„ Covering entire country through a three office
network in Sydney, Melbourne and Perth.
„ Engages in investment banking business
including Japan Bank for International
Cooperation (JBIC) syndicated loans and
securitization.
„ Business alliance with investment promotion
agency for Victoria state, Invest Victoria.
Dhaka
Mumbai
Hanoi
Yangon
Bangkok
Manila
Phnom Penh
Chennai
Thailand
„ Over fifty years history with rep. office opened in
1952, becoming Bangkok Branch in 1962.
„ Retains BTMU Leasing（Thailand）Co., Ltd. which
offers equipment and other leasing services.
„ Business alliance with the Board of Investment
of Thailand (BOI).
Ho Chi
Minh City
Kuala Lumpur
Labuan
Singapore
Jakarta
Cambodia
„ Opened rep. office in Phnom Penh in 2012.
Surabaya
Bandung
Singapore
„ Over fifty years history with rep. office opened in
1954, becoming Singapore Branch in 1957.
„ Retains head office functions for Asian Business
Division, Asian Investment Banking Division,
eBusiness and IT Initiatives Division, Corporate
Research Division, and more.
Perth
Sydney
Auckland
Melbourne
New Zealand
„ Rep. office opened in Wellington in 1972, moved
to Auckland (only Japanese bank office) and
acquired branch status in 1996.
Subsidiary (incl. subsidiary’s branch,
sub-branch)
Branch, Sub-branch
Philippines
„ Rep. office opened in 1953, became Manila
Branch in 1977; has an over ninety year history
through the former Yokohama Shokin Bank.
„ Business alliance with the Board of Investments,
Philippine Economic Zone Authority (PEZA).
Malaysia
„ Rep. office opened in 1957, upgraded to Kuala
Lumpur Branch in 1959, became BTMU
(Malaysia) in 1994.
„ Handles Ringgit as a commercial bank (local
subsidiary).
„ Offers offshore financial services at Labuan
Branch.
„ Offers financial services including investment
banking and Islamic finance.
„ Penang Sub-branch opened in 2012.
Indonesia
„ Over fifty years history with rep. office opened in
1957, becoming Jakarta Branch in 1968.
„ Nine offices: Jakarta Branch, Surabaya and
Bandung sub-branches, six service points in
industrial towns near Jakarta.
„ Through alliance with local bank, offers cash
collection service using local bank networks.
„ Business alliance with the Indonesia Investment
Coordinating Board (BKPM).
Representative office
19
Overview of Recent Investments and Alliances in Asia
„ Pursued investments and alliances, focusing on high-quality Asian companies.
Investments and alliances1
China
Investment in and business alliance with Bank of China
(BTMU, Jun 06)
China
Invest in asset management subsidiary of Shenyin & Wanguo Securities to make an equity
method affiliate
(MUTB, Apr 11)
India
Business alliance with ICICI (MUSHD, Aug 06),
Tata Capital (MUSHD, Aug 08)
Indonesia
Investment in Bank Nusantara Parahyangan
(BTMU, Dec 07)
Vietnam
Business alliance with Vietcombank
(BTMU, Nov 06)
Malaysia
Business alliance with CIMB (BTMU, Oct 06), additional investment in CIMB
(BTMU, Aug 11)
Korea
Business alliance with Daewoo Securities
(MUSHD, Jan 07)
Hong Kong
Additional investment in Dah Sing Financial Holdings to make an equity method affiliate
(BTMU, Jun 08), business alliance with Dah Sing Financial Holdings
(BTMU, Sep 08)
Australia
Capital and business alliance with AMP Capital Holdings to make an equity method affiliate
(MUTB, Mar 12)
(Note) 1. As of End Mar 12
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