Japan's Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and Malaysia's Maybank confirmed that they have each received a preliminary approval to open a branch in Yangon, Myanmar.

BTMU said in a statement: "The opening of the branch is subjected to approval from the Financial Services Agency of Japan and BTMU will set out to prepare for opening of the branch as soon as possible.''

Since establishing an office in Rangoon (the old name for Yangon) in 1954, BTMU has provided information, such as that on the investment environment of Myanmar, to customers; it has also acted as an agent bank for the Japanese government's Official Development Assistance (ODA) yen loans and grant aid to Myanmar.

BTMU said it will enhance its financial services in response to the needs of its customers operating in Myanmar.

The bank's chief executive for Asia and Oceania Go Watanabe said: "With BTMU's strength and expertise, especially in Asia, we want to play a bigger role in enhancing Myanmar's financial infrastructure, working in tandem with the local banks This is also very much aligned with realizing the vision of mutual prosperity for both Myanmar and Japan, with an overall aim to contribute to the growth of Myanmar's economy. We look forward to working closely with the Central Bank of Myanmar in preparing for the opening of our branch soon."

Singapore banks OCBC Bank and UOB are also among the nine foreign banks that have been awarded a banking licence to open a branch each in Yangon.

Maybank, which opened its representative office in Yangon back in 1994, said the licence will strengthen its regional footprint and its capabilities in serving customers seamlessly throughout Asean.