BTMU to grow Turkey presence

ISTANBUL - Anatolia News Agency

The Bank of Tokyo-Mitsubishi UFJ (BTMU) is set to scale up its representative office in Turkey and employ nearly 50 people, according to Japanese daily Nikkei.

The office is expected to be established in November once the bank receives the necessary authorization before becoming functional in October 2013.

By increasing its representation in Turkey, the bank plans to officially become active in the Turkish market, according to a company announcement. The bank plans to apply for the establishment of its Turkish subsidiary this month, according to the source.

The bank’s preliminary customers will be the subsidiaries of Japanese firms present in Turkey, according to Reuters. The BTMU Turkey office will act as a lender, accept deposits and carry out clearing operations.