Wednesday, 11 February 2015 00:38
The Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) entered into a Memorandum of Understanding (MoU) recently with the Bank of Ceylon (BOC) with the purpose of developing tighter cooperation in promoting a wide range of financial services between Sri Lanka and Japan.
The MoU with BOC will strengthen BTMU’s ability to serve Japanese corporates investing in Sri Lanka, BTMU said in a release.
Founded in 1939, BOC is the largest commercial bank in Sri Lanka and is fully state-owned. It has a network of 571 branches (as of September 2014) and was ranked first in the country in total assets. Besides commercial banking, BOC also provides a broad range of financial services, including lease financing and credit card services to corporates and individuals.
In recent years the Sri Lankan economy has grown rapidly owing to strong reconstruction demand and expansion of its tourism industry. In addition, Sri Lanka has been accelerating its investment in infrastructure projects. With increasing political and social stability, foreign investors, including Japanese corporations, have been redirecting their focus to Sri Lanka as it offers a high quality workforce, geographical advantages and abundant tourism resources.
BTMU earlier inked a MoU with the Board of Investment of Sri Lanka in August 2014 which aimed to provide Japanese corporates with information on the business environment in Sri Lanka.