MUFG’s network across south-east Asia and the Americas is a key selling point, says EMEA global markets chief John Winter.

John Winter

John Winter

With roots dating back to the 1600s, Japan’s MUFG is one of the oldest and best-established banks in Asia. It also has a substantial presence in the Americas, as parent of Union Bank and holder of an around 24% stake in Morgan Stanley.

But it is the bank’s presence elsewhere in the world that John Winter, head of global markets and corporate and investment banking for Europe, the Middle East and Africa (EMEA), is keen to promote. “We’ve had a footprint in London since 1881. There is a seat at the table for a global Asian bank in EMEA, and MUFG is well positioned to be that bank,” says Mr Winter, who is also CEO of MUFG Securities EMEA. 

Measuring up

Looking at the raw numbers, the bank is certainly a big hitter: measured by assets, MUFG is the world’s fifth largest bank, larger than any US bank and with only China’s big four ahead of it. However, for Mr Winter, in an era when large investors and private equity firms are throwing their weight around, the size of a bank’s balance sheet is less of a defining factor in its success.

Career history: John Winter 

2019 CEO, MUFG Securities EMEA; head of global markets and CIB, EMEA; head of MUFG Bank’s London branch, MUFG 

2016 Angel investor 

2010 CEO, corporate banking, Barclays

2001 Head, European investment banking and debt capital markets, EMEA, Barclays

1996 Managing director and European head, debt capital markets, Deutsche Bank

1992 Head, debt capital markets, Germany, Merrill Lynch

“Clearly, we have a big balance sheet and we’re not afraid to use it, so it is a strength, though it’s probably not as unique as it used to be. There are so many other pools of capital that are absolutely enormous as well,” he says. “I don’t think it is as much of a differentiating factor, probably, as it was maybe a decade or five years ago.”

Of far greater importance to Mr Winter is the “mix of businesses” that MUFG can offer clients. “We have a fantastic financing platform; we can connect to capital markets, structured finance. We have a strong derivatives business, a strong foreign exchange business. And importantly, we also have a very good transaction banking business. The combination of those financing, transaction banking and risk management capabilities is very powerful. And then you combine that with our global network; I believe it’s a winning combination.”

MUFG’s ability to act as a facilitator for EMEA corporates and institutions to expand and take advantage of global opportunities – most notably in south-east Asia, but also in the US – is what Mr Winter considers to be his teams’ raison d’être. He cites the EU’s trade pact with Japan, which came into force in 2019, as a major opportunity for European companies to have greater access to the world’s third largest economy, with MUFG ideally positioned to assist them.

“Helping issuers and investors access opportunities in Japan alone makes MUFG of significant interest to clients,” he says. “In addition, we have a very substantial footprint across China, we own top five banks in Indonesia and Thailand [Bank Danamon and Bank of Ayudhya, known as Krungsri] we have a substantial stake in VietinBank in Vietnam, and we also have a big footprint in the Philippines via Security Bank. Then in the US we have Union Bank, which we’ve owned for over 30 years. So we really do have some unique abilities to support our clients as they’re looking to expand internationally.”

A cleaner model

Although he believes some may see the fact that MUFG is not focused on merger and acquisition advisory and cash equities in EMEA as a weakness, Mr Winter has a different view. “From my perspective and my 30-plus years of experience, those are challenging businesses, especially in EMEA. They’re challenging for a European bank to run successfully here, let alone a non-European bank.”

Instead, he describes what MUFG has as “a cleaner model” without some of the additional complications that come with those areas. “We have, in certain parts of our business, an agility because of our relatively modest size. In terms of how we serve clients, how we organise ourselves, there is the ability to be more flexible and nimble.”

How MUFG’s activities within EMEA are organised and structured has been a key focus in recent years. In April 2018, almost a year ahead of Mr Winter’s arrival, the group’s core commercial banking arm rebranded at a global level from Bank of Tokyo-Mitsubishi UFJ to MUFG Bank. Within EMEA, a programme of integrating client teams and realigning its operational platform to create a better product offering and service has since been underway.

“The term we use internally is ‘One MUFG’, as we move on from any differences in brands and entities to act as a cohesive organisation,” says Mr Winter. “Ultimately, the goal of this integration is to simplify and improve the customer experience in dealing with MUFG. We want to be a client-oriented global bank that customers find easy and straightforward to deal with. Having an integrated offering is key to achieving that goal.”

He also believes an additional benefit is that it improves MUFG’s relationship with other key stakeholders, such as regulators. “If regulators see us running a more streamlined, integrated organisation, they can understand it better and have more confidence that we’re in control of the risks that we’re taking. So, by extension, we have an improved relationship with them as a result of doing this as well.”

Digital strategy

Digital transformation is a major theme for most banks in the current climate, and MUFG is no exception. In April, the bank promoted Hironori Kamezawa, formerly the bank’s digital chief, to CEO, showing the strategic importance of technological development and innovation to the bank. Although this is a particular focus within its domestic Japanese markets, Mr Winter recognises that technology is a key enabler within his areas of the businesses too, and understands some of the benefits of fintechs’ approaches to product development.

Prior to taking up his current role, Mr Winter spent three years as an angel investor (“a mini-angel investor”, he jokes) where he interacted with fintechs looking to expand. “Some of the techniques technology companies use to develop successful products – such as creating minimum viable products and receiving continuous customer feedback on them as they evolve – can be used by banks to be more effective during lengthy technology builds.”

However, in the business of corporate and investment banking, he believes human relationships are as important as ever. “So much focus on technology, in certain ways, makes the personal connections in our business even more important,” he says. “When you’re dealing with large clients, significant sums and risks, and big transactions, although you can transact a lot electronically, there is a strong desire to really understand who you’re dealing with, above and beyond the legal requirement for know your customer, and so forth. Technology is a powerful tool for people to work more creatively and be more productive. But it absolutely does not replace the need for that human connection.”

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