Jan 21, 2015 (LBO) – Bank of Tokyo-Mitsubishi UFJ (BTMU), Japan’s largest bank by market value, opened a representative office in Sri Lanka on Thursday to support business with Japanese companies.
The bank is the commercial banking entity of Mitsubishi UFJ financial group (MUFJ), the eighth largest bank in the world with assets of 2.4 trillion dollars.
“BTMU Colombo representative office will introduce BTMU’s customers to licensed commercial banks and other corporate entities in Sri Lanka as well as introduce BTMU’s suite of banking products,” a statement said.
Banking products will include export credit agency finance, trade finance, foreign exchange transactions, deposits, derivatives, and basic loans to licensed commercial banks and other corporate entities in Sri Lanka.
As a representative office BTMU will not be able to lend directly, but it will have an agreement with Bank of Ceylon for financial services products, an official said.
Sri Lanka will be BTMU’s eighth office in South Asia, with branches in India and Pakistan and a representative office in Bangladesh. BTMU is the first Japanese bank to open an office in Sri Lanka, and will look at expanding it to a branch at a suitable time, the official said.