Oct 29, 2015 (LBO) – The Bank of Tokyo Mitsubishi UFG Ltd (BTMU) formally announced that it will be opening a new representative office in Sri Lanka at the end of March 2016, subject to regulatory approval in Japan, Board of Investment said in a release.
This initiative plans to facilitate investment by Japanese companies into Sri Lanka.
“Through this new representative office in Colombo, BTMU will continue to further enhance its financial solutions and offerings to better meet the needs of its customers operating in or trading with Sri Lanka by making the most of its extensive network, which is the largest among Japanese banks.” BTMU says in a separate release.
The Bank also added that there are more than 100 Japanese corporates that have been investing in Sri Lanka and more investments are expected.
BTMU has eight offices in South Asian countries including India, Pakistan, Bangladesh.
In the establishment of the new representative office in Colombo, the Bank Tokyo Mitsubishi partnered with the Board of Investment of Sri Lanka and signed an agreement on 18.08.2014 with the BOI.
Accoding to the memorandum of understanding, the Bank said that it would promote Japanese investments in Sri Lanka and foster business partnerships between Sri Lankan and Japanese entrepreneurs.
Furthermore, BOI agreed to collaborate with BTMU in hosting seminars to inform Japanese companies of FDI opportunities in Sri Lanka, communicate with BTMU on upcoming projects and especially to attract industrial investments in Sri Lanka.
BTMU in return agreed to steer Japanese companies to seminars held by the BOI and to introduce Japanese investors on a personal level and facilitate meetings between the two countries especially between investors and prospective projects.