The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp said Thursday they will set up branches in Myanmar later this month as the country's central bank has issued permission for foreign banks to begin operations, according to the Bangkok Post April 2.
BTMU and SMBC will open the branches April 22 and 23 respectively in Yangon to begin offering loan, settlement and deposit services to Japanese companies operating there.
The two banks as well as Mizuho Bank are among nine foreign banks that Myanmar approved last October for opening branches in the country, opening up its banking sector to overseas banks for the first time in more than five decades.
Mizuho Bank is also preparing to open a branch in the country.
Japan's investment in the country accounts for less than 1 percent of the total foreign investment, leaving much room for the three banks to help Japanese firms launch projects through their financial services.