MUFG unit to be Myanmar’s first foreign leasing company

TOKYO — A subsidiary of Mitsubishi UFJ Financial Group will open a representative office in Myanmar as early as July in a first for a foreign leasing business, possibly paving the way for broader use of equipment and cars from Japanese manufacturers. Legislation enacted in January allows foreign nonbank financial institutions to do business in the Southeast Asian […]

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 […]

Myanmar admits more foreign banks ahead of NLD accession

BANGKOK — Myanmar has given preliminary operating licenses to four more foreign banks, following the government’s decision in late 2014 to grant licenses to an initial nine foreign banks. The move — just before a new administration led by Aung San Suu Kyi takes over on April 1 — highlights a rush by the incumbent […]

Mitsubishi UFJ Financial Group

The first of three foreign banks to open branches in Myanmar this week – Bank of Tokyo-Mitsubishi UFJ (BTMU) – says there is no turning back for economic reforms and that patience is the key for success. “If we look at the long term, Myanmar has lots of potential. The liberalisation of the country and […]