Receives government approval to open branch.
Turkey’s Banking Regulatory and Supervision Agency has granted the Bank of Tokyo-Mitsubishi UFJ (BTMU), the largest bank in Japan, a license to operate in the country.
BDDK has given BTMU permission to launch operations and open local branches in December with an initial investment of US$300 million.
BTMU's entrance into the Turkish banking sector will help facilitate a growing Japanese presence in Turkey and stated that many of its expected customers were Japanese firms eager to complete in Turkey's energy, financial and telecom industries.
BTMU currently has more than 500 branches in 40 countries and some 36,000 employees.
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