Tokyo, December 28th 2012 - The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) (President: Nobuyuki Hirano) announced yesterday that it signed a memorandum of understanding with CB Bank, a leading private bank in Myanmar, with the purpose of establishing a business alliance. Through this alliance, BTMU seeks to support foreign companies entering Myanmar and provide technical assistance to CB Bank in such areas as trade finance and foreign exchange.

CB Bank was established in 1992 when private banks were allowed once again to operate in Myanmar. CB Bank installed Myanmar’s first ATM in November 2011. Its innovative efforts and growing ATM and branch network have recently been attracting global attention. In addition to its foreign exchange operations (approved in December 2011), CB Bank launched Myanmar’s first-ever ATM cash withdrawal service in November 2012 that can be used with MasterCard and Visa credit cards.

Since establishing an office in Rangoon (Yangon) in 1954, BTMU has acted as agent bank for the Japanese government’s ODA yen loans and grant aid to Myanmar. Myanmar’s moves toward democracy since its transition to civilian rule in March 2011, along with its large territory, population and labor force, abundant natural resources, and the high growth potential of domestic demand, are attracting increasing attention from foreign companies as Asia’s new growth market. In cooperation with CB Bank, BTMU seeks to support foreign companies considering expansion in Myanmar.

Through this business alliance, CB Bank and BTMU aim to contribute to the development of Myanmar’s banking sector and to the facilitation of foreign direct investment.

Re-disseminated by The Asian Banker