A Japanese mega bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd. announced today that the bank obtained approval to open its first representative office in Colombo, Democratic Socialist Republic of Sri Lanka yesterday. This is the first approval granted to a Japanese bank by the Central Bank of Sri Lanka. The bank plans to open the new representative office by the end of March 2016, subject to regulatory approval in Japan.
By making the most of its extensive network, which is the largest among Japanese banks, the bank will continue to further enhance its financial solutions and offerings to better meet the needs of its customers operating in or trading with Sri Lanka.
The Colombo Representative office will become the 8th office for the bank in South Asia. The bank already has offices in India (5 offices), in Pakistan, in Bangladesh and in Bangladish.
The bank explained in the press release that Sri Lanka has been enjoying a high economic growth rate of 6-8% per annum, largely driven by rising demand for infrastructure construction and flourishing tourism. Sri Lanka, neighbor to India, which is also rapidly developing, is located astride the strategic sea lane which connects Asia with the Middle East and Africa. Therefore there are more than 100 Japanese corporates invested in Sri Lanka, and more investments are expected.
(Source: The Bank of Tokyo-Mitsubishi UFJ)