Japan’s largest bank set to do business in Turkey

Today’s Zaman - On Tuesday, the Banking Regulatory and Supervision Agency (BDDK) granted the Bank of Tokyo-Mitsubishi UFJ (BTMU) a license to operate in Turkey, according to an announcement in the Official Gazette.

The BDDK has given the bank permission to launch operations and open local branches in December with an initial investment of USD 300 million. The bank, which is Japan's largest and one of the biggest banks of the world, currently has more than 500 branches in 40 countries and some 36,000 employees.

BTMU CEO Shoji Nakano had told reporters in July, when the bank announced its plans to begin operations in Turkey, that BTMU's entrance into the Turkish banking sector would help facilitate a growing Japanese presence in Turkey and stated that many of its expected customers were Japanese firms eager to compete in Turkey's energy, financial and telecom industries.

BTMU signed a Memorandum of Understanding with the Investment Support and Promotion Agency of Turkey (ISPAT) in 2011.

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