Dec 31, 2012

Japan-based bank to assist banking system in Myanmar

The Bank of Tokyo Mitsubishi UFJ (BTMU) will assist the banking services of Cooperative Bank (CB Bank, Myanmar), Phay Myint, CB Bank’s managing director said on December 27.

A memorandum of understanding was signed by Bank of Tokyo Mitsubishi UFJ and CB Bank at Sedona Hotel, Yangon, on December 27.

CB Bank was established in 1992, with 25 local branches, and head office located in Yangon.

“This is the first MoU between the two banks. They will help us in banking service, e-banking service, foreign exchange service, trade service, commercial learning and technical. Technicians and experts will come to support us,” Phay Mint said.

BTMU is the largest bank in Japan, after the merger of the Bank of Tokyo-Mitsubishi and UFJ Bank in 2006. It opened its first representative office in Myanmar in 1954.

Most Japanese businesses coming to invest in Myanmar are stakeholders in BTMU, which will persuade its partner organisations to invest in Myanmar and open a bank account for trading in CB Bank, according to him.

BTMU assists in the Official Development Assistance of the Japanese government to Myanmar as bank representative.
The Central Bank of Myanmar recently permitted 17 foreign bank representative offices. Among them were DBS Bank, BTMU and Mizuho Corporate Bank, the Japan-based banks.

Source: Eleven Media News