MUFG plans Saudi Arabia hires to tap $350b privatization play

A man walks out form a branch of the Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. REUTERS/Yuya Shino

Mitsubishi UFJ Financial Group Inc. is looking to hire in Saudi Arabia as the lender seeks to benefit from privatizations valued at more than $350 billion over the next five years.

“We are planning to start expansion in Saudi Arabia by hiring 20 people,” Elyas Algaseer, the bank’s co-head in the Middle East and North Africa, said in an interview in Dubai. “That will go up to 60 in 3 to 5 years in line with our expectations of the growth in business.”

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