Japan's MUFG to book $890 million charge as cashless competition impacts investment: Nikkei

Japan's national flag is seen behind the logo of Mitsubishi UFJ Financial Group Inc at its bank branch in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon

Mitsubishi UFJ Financial Group Inc, Japan’s biggest bank by assets, continues to forecast net profit of 950 billion yen, the newspaper said. MUFG will report earnings in middle of May.The subsidiary, Mitsubishi UFJ Nicos, had been developing a new system since 2016 to merge the management of three credit card brands, with 75 billion yen invested in the project out of a planned total of 150 billion yen, the Nikkei reported.

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