Tell me about your current role and your career history.
I have been with MUFG for six years now, and I run what is called Global Subsidiary Banking. It is my responsibility to ensure that the Global MUFG network across 50 markets, delivers value for our Global Multinational clients outside their home market.
Before joining MUFG, I worked with Citibank for 24 years. I began my career in 1994 working in operations, and then moved over to client relationship management in the securities business. After that, I was the branch head for Citi’s corporate banking business in Chennai, and thereafter ran the Mumbai branch operations for the global corporate and investment banking business. Between 2002 and 2004, I had the privilege of setting up Citibank’s transaction banking business in Sri Lanka, before moving back to Mumbai and serve as Chief of Staff to the South Asia CEO. In 2005, I assumed the responsibility as the Business Development Head of Citibank’s Global Subsidiary Banking business in India. In 2008, I moved to Singapore with Citi’s Subsidiary banking business, where I was responsible for a regional portfolio of clients across Asia Pacific. In 2013 I ran the regional relationship management portfolio across APAC. Then in 2018 I moved to MUFG. It’s been three decades of pure fun, two of these working with Global relationships!
How would you describe the landscape for corporate treasurers going into 2025?
If I were to sum it up in one word: volatile. And that volatility stems from a few perspectives. For one thing, geopolitical risk is top of mind for everyone, be it the outcome of the US elections or the instability due to conflicts in different parts of the world. Corporate treasurers need to be much more aware of the risks, which means getting different perspectives on what geopolitical risk means for their businesses at a global level.
Another important question is where interest rates are headed, and here again there is a degree of unpredictability. I don’t think anyone really anticipated the Fed’s recent actions, and the market continues to pull back and forth about the likely size of rate cuts going forward. Meanwhile, JPY interest rate is on an upward trajectory, and from an FX perspective USD is trending positively.
Also of interest is the bigger macroeconomic picture, including the ‘China plus one’ rebalancing of supply chains, and the question of how China is managing its growth. Finally, there is the whole issue of cyber risk, and how treasurers can stay ahead of the curve to protect their companies’ financial assets.
Which challenges will treasurers be focusing on in the coming year?
From the conversations I’ve been having, it is very clear that treasurers are aspiring to become true business partners within their corporations. To me, this requires two very different roles: treasurers need to know how to sensitise the volatility I mentioned for their own businesses across different regions – and they also need to focus on their core responsibilities, which include sustaining the growth that companies and shareholders are looking for.
At the same time, treasurers need to manage global liquidity for their businesses. This dynamic, volatile environment could mean different countries diverging in terms of their exchange controls and regulations, so treasurers will have to be nimble in order to provide liquidity for their businesses, and manage the risks associated with that liquidity on a global basis.
On another note, free cash flow generation and working capital management will continue to be key areas of focus for treasurers.
What are your main priorities/goals in 2025?
MUFG operates on a medium-term business plan, which sets out our three-year strategy. This current financial year is the first year of our new plan, following the successful delivery of our previous plan. We’ve had a very strong start to the current financial year, and the rising JPY interest rate scenario bodes well for our bank, as the profitability of our business in Japan helps us to keep investing in our global network.
During the six years that I’ve been at MUFG, the mandate has been to build a platform which can leverage the bank’s presence across 50 markets globally. My goal is to bring these markets closer and make the world smaller for our global customers, making it easier for our customers to navigate the volatility we are all facing.
When I look at 2025, my key priority is to continue to embed our network as a differentiator, both within our global corporate investment banking business, and for our customers. We want to play where we can win, and I think most of our customers realise the value that a bank like MUFG can bring. From there, we will be looking at how to continue to scale the business and do more of what we’ve been doing for the last six years, with many more subsidiaries of our global corporates.
How will MUFG be supporting corporate clients in the year ahead?
Given the volatile landscape for corporate treasurers in 2025, it will be difficult to gauge how different scenarios are going to play out on a global basis. MUFG can help our customers manage these risks: we have feet on the ground across 50 global markets, with local market intelligence that our customers can rely on.
Going into 2025, I would like our corporate customers to think of MUFG first and foremost as their global corporate finance bank. We have a significant global balance sheet, and we are very strong at funding subsidiaries of our global relationships for everything from short-term working capital to project finance for infrastructure. We take pride in our ability to structure complex transactions.
Likewise, our strong credit rating really works for us. I would encourage our customers to look at MUFG as a worthy counterparty that can help them manage their liquidity, manage their exposures and provide yield.
Closer to home in Asia, we see ourselves as a bank with very deep roots in the region. In the last decade we’ve invested more than US$14bn in Southeast Asia, acquiring strategic stakes in banks in Thailand, Indonesia, Vietnam and Philippines. So in summary, I think we have a great proposition for our corporate clients as they seek to grow their businesses in 2025 and beyond.
