Krungsri opens office in Yangon
Bank of Ayudhya (Krungsri), a member of Mitsubishi UFJ Financial Group (MUFG), has opened a representative office in Yangon with the aim of supporting the bank's corporate and SME clients from Thailand in capturing business opportunities in Myanmar.
The announcement was made on Wednesday when Bank of Tokyo-Mitsubishi UFJ (BTMU), a banking entity under MUFG, officially commenced its full branch operations in Yangon. It was the first foreign bank branch opened in the country in six decades. BTMU’s opening will support Krungsri’s clients in their financial service needs, among others lending, international money transfer, and currency exchange.
“The opening of a Krungsri representative office in Myanmar affirms our commitment to support our clients to grow their businesses outside Thailand, particularly in neighbouring countries. Additionally, we expect the launch of our representative office will enhance bilateral trade and investment activities between the two countries,” said Krungsri President and CEO Noriaki Goto.
The newly established BTMU Yangon branch will support Krungsri's clients in their financial service needs, such as lending, international money transfer, and currency exchange, Goto said. Krungsri's representative office will also provide business-matching services between operators from the two countries.
Krungsri is Thailand’s 5th largest financial group in Thailand in terms of assets, loans and desposit with seven decade presence in the country.
In an interview with The Nation late February, Nobuyuki Hirano, president and chief executive of Mitsubishi UFJ Financial Group (MUFG) and president of Bank of Tokyo-Mitsubishi UFJ, foresaw the seamless services underpinned by Krungsri's success stories in Thailand and BTMU's global network that could be offered to Japanese and Thai businesses seeking to expand in Southeast Asia and elsewhere as well as individual consumers across the region.
The strategy "to grow with Japanese companies" runs well with the trend that Japan seeks to grow its investment in Asean, which plans to create a single economic community by year-end. Hirano believes Japanese companies' presence in the region is solid, particularly in the automotive industry, thanks to a more extensive supply chain than in other parts of the world.
"With the AEC [Asean Economic Community], Thailand represents great opportunities for us. Thailand is the centre of continental Asean. We'd like to build business in and outside this country."
Japanese companies have been playing a major role in the development of Thilawa Special Economic Zone, the first of its kind in Myanmar. Japan is also expected to sign a deal in May to get involved in the development of Dawei Special Economic Zone.
“The opening of a Krungsri representative office in Myanmar affirms our commitment to support our clients to grow their businesses outside Thailand, particularly in neighbouring countries. Additionally, we expect the launch of our representative office will enhance bilateral trade and investment activities between the two countries,” said Krungsri President and CEO Noriaki Goto.
The newly established BTMU Yangon branch will support Krungsri's clients in their financial service needs, such as lending, international money transfer, and currency exchange, Goto said. Krungsri's representative office will also provide business-matching services between operators from the two countries.
Krungsri is Thailand’s 5th largest financial group in Thailand in terms of assets, loans and desposit with seven decade presence in the country.
In an interview with The Nation late February, Nobuyuki Hirano, president and chief executive of Mitsubishi UFJ Financial Group (MUFG) and president of Bank of Tokyo-Mitsubishi UFJ, foresaw the seamless services underpinned by Krungsri's success stories in Thailand and BTMU's global network that could be offered to Japanese and Thai businesses seeking to expand in Southeast Asia and elsewhere as well as individual consumers across the region.
The strategy "to grow with Japanese companies" runs well with the trend that Japan seeks to grow its investment in Asean, which plans to create a single economic community by year-end. Hirano believes Japanese companies' presence in the region is solid, particularly in the automotive industry, thanks to a more extensive supply chain than in other parts of the world.
"With the AEC [Asean Economic Community], Thailand represents great opportunities for us. Thailand is the centre of continental Asean. We'd like to build business in and outside this country."
Japanese companies have been playing a major role in the development of Thilawa Special Economic Zone, the first of its kind in Myanmar. Japan is also expected to sign a deal in May to get involved in the development of Dawei Special Economic Zone.
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