Star – Japan's Bank of Tokyo-Mitsubishi UFJ’s (BTMU) application for a banking license to set up a banking business in Türkiye has received a positive response from the Banking Regulation and Supervision Agency (BDDK) of Türkiye. Having filed the application last July, the Japanese lender becomes the second new banking business to be allowed to operate in Türkiye in the last 14 years, following Lebanon’s Bank Audi which has its application approved in last year.
BTMU’s granting of banking license in Türkiye comes as the country increasingly turns into an investment hub by Japanese companies. Sumitomo Rubber Industries, which announced a USD 500 million tire factory in central Türkiye and logistics services company Yusen Logistics that established a new company to take advantage of Türkiye’s strategic location, are among the Japanese newcomers in Türkiye. Another Japanese bank, Sumitomo Mitsui Banking Corp (SMBC) has also entered into an agreement with the Investment Support and Promotion Agency of Türkiye (ISPAT) recently to further promote business and investments between Türkiye and Japan. An agreement of the same sort remains in effect between ISPAT and yet another Japanese lender, Mizuho Corporate Bank, since last June.
Have been in Türkiye since 1986 through a representative office, BTMU’s banking services in Türkiye will be primarily tailored for the 140+ Japanese companies in Türkiye. This number is expected to triple in the next 7 years.