The Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) said it has obtained an approval from the Central Bank of Myanmar to open its first branch in Yangon. The bank said it will start its branch operations on April 22.
BTMU, Japan’s largest bank, received a licence to operate in Myanmar last year, as the government dished out licences to nine foreign banks in a bid to open up its stagnant financial sector.
Go Watanabe, chief executive officer for Asia & Oceania Region, BTMU, said the bank is one of the first foreign banks to open a branch in Yangon within six months of getting the preliminary approval last October.
“This is especially meaningful to us given the bank’s involvement in the early stages of reviews when the Myanmar government first mooted the idea to liberalise its financial sector a couple of years ago.
“We recognise that this is just the beginning of a long journey but we are confident that together, we can help transform Myanmar’s financial sector into one that is well-developed and can effectively spur and drive sustainable economic growth,” Watanabe said.
The new BTMU Yangon branch will play a “critical role” in facilitating greater cross-border trade flows between Myanmar and the MUFG global network that spans more than 40 locations, he added.
Since establishing an office in Yangon in 1954, besides providing information including investment environment of Myanmar to customers, BTMU has acted as an agent bank for the Japanese government’s ODA yen loans and aids to Myanmar.
The new branch will provide full banking services, including deposits, loans, and foreign exchange, to foreign companies and domestic banks operating in Myanmar, BTMU said.