Bank of Ayudhya's turnaround by MUFG boosts Thailand's EV economy

Thai lender now forms a core part of the Japanese megabank's overseas business

20231225 bank of ayudhya

Since 2013, when Mitsubishi UFJ Financial Group (MUFG) acquired over 70% of the Bank of Ayudhya's shares, the driving force of the Japanese megabank's overseas operations has shifted from North America to Asia. (Photo by Ken Kobayashi)

KENYA AKAMA and YUKI NAKAMURA, Nikkei staff writers

BANGKOK/TOKYO -- While attendees at Thailand's largest motor show at the end of November took in the latest automotive innovations and designs from major carmakers, about 100 Bank of Ayudhya employees, recognizable by their yellow-collared shirts, were busy processing loan applications.

In recent years the subsidiary of Japan's Mitsubishi UFJ Financial Group (MUFG) has come to play a big role in the country sometimes called the "Detroit of Asia."

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