OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) is pleased to announce that, yesterday, BTMU 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.

BTMU plans to open the new representative office by the end of March 2016, subject to regulatory approval in Japan.

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. Currently, there are more than 100 Japanese corporates invested in Sri Lanka, and more investments are expected.

Through this new representative office in Colombo, BTMU 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 by making the most of its extensive network, which is the largest among Japanese banks.