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Mitsubishi UFJ Financial Group Inc.’s next banking unit chief has vowed to target business in Asia, while signaling the potential for cutbacks in developed markets as plunging interest rates dent profitability.

“In Asia, we will pursue growth,” Junichi Hanzawa, 55, told reporters Thursday after being appointed president of MUFG Bank Ltd. “In Europe and the U.S., where interest rates are very low, we need to get leaner.”

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