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MUFG Bank to close 35% of Japan branches

Megabank adds more to chopping block as it scales back self-service outlets

Mitsubishi UFJ Financial Group, one of Japan's three megabanks, is diverting more resources into new growth areas.   © Reuters

TOKYO -- Mitsubishi UFJ Financial Group will reduce branches of its flagship MUFG Bank by 35% by fiscal 2023 as it pours more resources into structural reforms and an overseas push.

The group previously planned to close 20%, or about 100, of the 515 branches it had as of the end of fiscal 2017. Now, about 180 are on the chopping block under a downsizing described Monday in a presentation for investors.

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