OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU") has received a preliminary approval to open a branch in Yangon from the Central Bank of Myanmar of the Republic of the Union of Myanmar (Myanmar). BTMU is one of the foreign banks to be given the approval to have a banking license in Myanmar.

The opening of the branch is also subjected to approval from the Financial Services Agency of Japan and BTMU will set out to prepare for opening of the branch as soon as possible.

Myanmar has accelerated its move towards democracy since its transition to civilian rule in March 2011. On the back of its large territory, population and labor force, abundant natural resources, and the high growth potential of domestic demand, it has attracted much attention from foreign companies as a new emerging market in Asia.

Since establishing an office in Rangoon (Yangon) in 1954, BTMU, besides providing information including investment environment of Myanmar to customers, has acted as an agent bank for the Japanese government's ODA yen loans and grant aid to Myanmar. We will further enhance our financial services in response to the needs of our customers operating in Myanmar.