Write-up of Japan Achievement Awards 2008, day 1

BEST BANK
Bank of Tokyo-Mitsubishi UFJ
Our winner is the core retail and commercial banking arm of the Mitsubishi UFJ Financial Group, which is impressive because of how busy it was in the second half of 2008 when most banks were distracted by dealing with heavy losses. First, MUFG bought an $8 billion, 22% stake in Morgan Stanley. When you recall that Morgan Stanley has merged its retail brokerage with Citi's Smith Barney, you can see that MUFG could end up with a platform covering a good chunk of global GDP and with both retail and institutional investor bases.

Next, In its commercial banking operations, MUFG has also pleased analysts by replenishing its capital relatively early. In December 2008, the bank mandated underwriters for the biggest secondary offering of the year, which is set to raise $4.5 billion. While other banks are ducking for cover MUFG is in a position to strenghten it business and extend its franchise. That is an enviable space to occupy.


BEST INVESTMENT BANK
Daiwa Securities SMBC