Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), one of nine foreign banks given approval last October 2014, has opened its first branch in Yangon. On 22nd April 2015, to commemorate the opening of its first branch in Myanmar BTMU announced that it will fund the development of a brand new learning centre at the Myanmar Institute of Banking (MIB) that is the training arm of the Myanmar Banks Association (MBA). The centre will be used to provide computerliteracy and language training programs for the staff of MBA’s member banks and is expected to be ready by the second half of 2015. In 2013, BTMU signed a Memorandum of Under- standing (MOU) with MBA.
Mr. Go Watanabe, Chief Executive Officer for Asia & Oceania of BTMU said, “In order to realize the vision for long-term mutual prosperity of Myanmar and Japan, it is important for the bank to support Myanmar as it embarks on its journey to build a strong and mature economy. This new learning centre marks the beginning of a mutually beneficial partnership between BTMU and Myanmar Banks Association in raising the overall competency of the workforce in the financial services sector. This I believe will help Myanmar to build a solid foundation for a more sustainable future growth.”
BTMU Yangon branch, located at Union Financial Centre, has recently started operating with about 30 staff and is to support full banking services, including deposits, loans, and foreign exchange, to foreign companies and domestic banks in Myanmar. BTMU is in collaboration with Japan International Cooperation Agency (JICA) to develop the Information and Communication Technology infrastructure for the Central bank of Myanmar. In 2014, BTMU teamed up with CB Bank and Myanmar Microfinance Bank by signing a MOU to provide technical assistance and funds in micro-financing as well as to support Myanmar’s Government in developing the country’s micro-finance industry.
“We recognized 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. Moving forward, the new BTMU Yangon Branch will play a critical role in facilitating greater cross-border trade between Myanmar and the MUFG global network that spans more than 40 locations,” Mr. Go Watanabe commented on the BTMU being the first foreign bank opening up in Myanmar within six months after October approval.
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) is a member of a Japan’s premier bank, Mitsubishi UFJ Financial Group Inc (MUFJ), with presence in more than 40 countries. By 31st March 2014, MUFJ has reached total assets of 258 trillion Yen (2.5 trillion in US$) from its services of commercial banking, trust banking, securities, credit cards, consumer finance, asset management and leasing.
