OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU") is pleased to announce the official opening of its subsidiary - Bank of Tokyo-Mitsubishi UFJ Turkey Anonim Sirketi - in Istanbul, the Republic of Turkey. BTMU is the only Japanese Bank operating in Turkey and aims to provide enhanced and client focused services through its subsidiary.

Located at a central point between Europe, Asia, the Middle East and North Africa, Turkey is of significant geopolitical importance. The Turkish economy has shown remarkable performance with its steady growth over the past decade with an average annual real GDP growth rate of 5 per cent, overriding global economic recession and becoming one of the fastest-growing economies in the world. Fuelled by both the consumer power of its population, which is made up of almost 75 million people with a median age of 30, and the abundant work force it provides, Turkey has proven to be an attractive market for foreign direct investment.

Historically, the major industries expanding in Turkey were related to the automotive industry, more recently areas such as home electronics, pharmaceutical, cosmetics and medical equipment have become prevalent, drawing the interest of Japanese and non Japanese businesses.

BTMU has been present in Turkey through a representative office since 1986 and is well-placed to provide expertise on the local economy. It has had close ties with The Republic of Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT), with whom a Memorandum of Understanding for cooperation was signed in March 2011, and the two have jointly held seminars for Japanese investors. The establishment of its wholly-owned local subsidiary will enable BTMU to strengthen its existing business and provide a broader range of financial services to support its customers' business expansion in Turkey.