Japan’s SMBC heading to Myanmar special zone

YANGON — Sumitomo Mitsui Banking Corp. will open a branch in Myanmar’s Thilawa Special Economic Zone as early as July.

The Sumitomo Mitsui Financial Group unit recently obtained approval from the government. Mizuho Financial Group unit Mizuho Bank already operates a branch in the zone, and Mitsubishi UFJ Financial Group unit Bank of Tokyo-Mitsubishi UFJ has set up a dedicated counter for Japanese companies at a partner bank’s branch. Now, all three megabanks will be ready to support expansion efforts by fellow Japanese businesses in the zone.

SMBC’s new branch will have three permanent staffers and offer banking services in the Japanese language.

The Thilawa economic zone is an industrial park opened last fall via a public-private initiative of Japan and Myanmar. More than 50 companies, many of them Japanese, plan to launch operations there. Nine foreign banks, including the megabank trio, have set up branches in Myanmar since the country opened up its market in 2014.

 

Source: Nikkei Asian Review

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