The Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU), the commercial banking entity of Mitsubishi UFJ Financial Group (MUFG), last week announced the commencement of its business operations at the new BTMU Colombo Representative Office. BTMU is the first Japanese bank to establish a representative office in Sri Lanka.
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, which include inter alia 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 the only Japanese bank to operate in Sri Lanka, BTMU will also support Japanese companies engaging in activities in Sri Lanka.
CEO for BTMU Asia & Oceania said Go Watanabe, “Sri Lanka is one of the countries where Japanese direct investments have been growing. BTMU is the largest bank in Japan, and we plan to support the growing numbers of Japanese investments in Sri Lanka. The establishment of our representative office here will further deepen our presence in the South Asia region. Not only will it allow BTMU to gain greater insights on the local market, we will now be able to provide more timely support to our customers who are already based in Sri Lanka.”
As part of its MOU agreement signed with the Board of Investment of Sri Lanka (BOI) earlier in August 2014, BTMU has been working closely with BOI in promoting investments opportunities in Sri Lanka to Japanese corporates. BTMU has organised many investment seminars in Japan aimed at growing direct investments to Sri Lanka.