MUFG Bank Sign MOU with PIF

MUFG Bank, one of the world’s leading financial groups headquartered in Tokyo with a global network of approximately 2,000 locations in more than 40 countries, and Saudi Arabia’s sovereign wealth fund – The Public Investment Fund (PIF) have signed a memorandum of understanding (MOU) to collaborate on opportunities of mutual interest to both MUFG and PIF. 

Besides MUFG, PIF has also signed MOUs worth up to $51 billion with four other leading Japanese financial institutions. They include Mizuho Bank, Sumitomo Mitsui Financial Group, Japan Bank for International Cooperation (JBIC), and Nippon Export and Investment Insurance (NEXI).

The MOUs are a key part of PIF’s strategy to boost financial collaboration globally, enhancing cooperation in finance, investment and sustainable development. They cover a variety of areas, including encouraging two-way capital flows through both debt and equity.

MUFG Bank has branches in Iran, Qatar, Turkiye, the UAE and Saudi Arabia.

Rasees AlSaud, Head of Financial Institutions and Investor Relations at PIF, said that these five MOUs demonstrate the Fund’s robust and ever deepening relationships with leading international financial institutions. This collaboration underscores PIF’s commitment to foster partnerships.

According to a spokesperson of MUFG Bank, the MOU will promote regular engagement between MUFG and PIF, focusing on sectors in which MUFG has strong expertise, notably infrastructure and project financing. This will also include facilitating PIF’s effort to explore opportunities in Japan in support of Saudi Vision 2030.

Collaborative Partnership

Fumitaka Nakahama, Chief Executive and Senior Managing Corporate Executive, Global Corporate and Investment Banking, MUFG, said that they were delighted to have signed the agreement with PIF.

“This MoU formalises our existing strong collaborative partnership and demonstrates our collective ambitions to deepen our working relationship. We look forward to facilitating PIF’s evolving financing needs in support of their long-term goals,” he said.  

“This signing is testament to our ongoing commitment to Saudi Arabia and the wider MENA region where we are supporting clients across a range of sectors along with facilitating access to investment opportunities in Japan,” he added.