By Elena Fehrbach
The Central Bank of Mongolia has approved the request form the Bank of Tokyo Mitsubishi UFJ (BTMU) to open an official representative office in Mongolia. It has been announced that the approval has been granted on 10 October 2013.
BTMU has been researching on this business opportunity and considering the permanent establishment since last year. In May 2013, BTMU has submitted the request to the Central Bank of Mongolia with the final approval delivered in October.
BTMU is the largest bank in Japan. It has been established in 1919 and since this time, BTMU has concluded a number of strategic alliances with global financial institutions that strengthen BTMU’s position on a global arena bringing the capital stock value to 1,7 billion JPY by date. BTMU has offices in 40 countries. BTMU’s business covers commercial banking, trust banking, asset management, leasing and other financial services.