Oct 30, Colombo: The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) announced that it obtained approval from Sri Lanka Thursday to open its first representative office in Colombo.This is the first approval granted to a Japanese bank by the Central Bank of Sri Lanka, the BTMU said in a release.
BTMU plans to open the new representative office by the end of March 2016, subject to regulatory approval in Japan.
The opening of a BTMU office in Colombo is aimed at facilitating investment by Japanese companies in Sri Lanka, which has been enjoying a high economic growth rate of 6-8% per annum, largely driven by rising demand for infrastructure construction and flourishing tourism.
The Japanese Bank noted that Sri Lanka is located astride the strategic sea lane which connects Asia with the Middle East and Africa.
Currently, there are more than 100 Japanese corporates invested in Sri Lanka, and more investments are expected, the BTMU said.
"Through the 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," the Japanese Bank said.
BTMU has offices in South Asia including five branches in India at Mumbai, New Delhi, Chennai, Bangalore, and Neemrana, at Karachi in Pakistan and a representative office at Dhaka in Bangladesh.
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