Mitsubishi UFJ to tap demand in Myanmar

Mitsubishi UFJ Financial Group has formed an alliance with Myanmar's Co-operative Bank Ltd.

This will tap growing demand for financial services in the Southeast Asian nation as it shifts to democracy.

Lending unit Bank of Tokyo-Mitsubishi UFJ Ltd. agreed on a preliminary alliance to provide technical support to the Myanmar lender in areas including trade finance and foreign exchange, Mitsubishi UFJ said in a statement.

The nation's biggest bank joins Sumitomo Mitsui Financial Group Inc. in forming a tieup with Myanmar lenders to serve Japanese companies looking to enter the emerging economy as it opens up after five decades of military rule.

"With Co-operative Bank, we want to provide financial services to companies that enter Myanmar, where substantial domestic demand growth is expected with its growing population and ample natural resources," Mitsubishi UFJ said.

In September, MasterCard Inc. agreed to allow Co-operative Bank to issue credit cards under its famous brand and to enable merchants to accept them for payment purposes.

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