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August 05, 2020

SMBC to open Myanmar branch in 2015

smbcYangon 15 Feb — Japan’s Sumitomo Mitsui Banking Corp. is preparing to open a branch in Myanmar in 2015, according to the report of Nikkei website on Sunday.
SMBC won licence for banking services in Myanmar last year together with other eight foreign banks, including two Japanese rivals of Mitsubishi UFJ Financial Group and Mizuho Financial Group. According to the report, the Japanese bank will have 30 to 40 employees and engage in deposit and lending services for Japanese and other companies operating in the country.
The banks will also open its branch in Manila, the Philippines, this summer to provide loans and trade financing with 40 to 50 employees for financial services to Japanese manufacturers and Philippine companies affiliated with big conglomerates.
Myanmar’s economy is expected to grow 7.75 percent in the 2014-15 financial year from 7.3 percent last year, International Monetary Fund data shows.
A United Nations study released in last year showed that only 4 percent of Myanmar citizens surveyed had savings accounts in their own names, while a 2013 report by the International Finance Corporation estimated that less than 20 percent of the population has access to financial services.
Banking services of SMBC include deposits, loans, foreign currency trading, trade financing and cash management services.
SMBC’s outstanding balance of loans to Asia outside Japan stood at $70 billion at the end of 2014, up about 80 percent during the past four years or so, the report said. GNLM

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