Sumitomo Mitsui Banking Corp. (SMBC) is going to open a branch in Myanmar’s Thilawa Special Economic Zone. This branch is expected to be ready and fully operational by the month of July. SMBC has been negotiating with Myanmar Government for approval which was granted to it near the end of March, 2016. This new branch will provide banking services in the Japanese language and will employ three permanent employees for the same. The Thilawa economic zone is an industrial park that was established jointly by Japan and Myanmar. One more Japanese Bank named Mizuho Bank, which is a unit of Mizuho Financial Group, already operates here.
Mitsubishi UFJ Financial Group unit Bank of Tokyo-Mitsubishi UFJ also has a counter here set up with a partner bank and it is dedicated solely to help Japanese companies. This economic zone is expected to thrive as over 50 companies plan to launch their operations here. With the opening of Sumitomo Mitsui Banking Corp. branch, now there will be three banks assisting development and expansion of the Japanese businesses in the Thilawa Special Economic Zone.