Japan's SMBC to Help Kanbawza Bank
23 May 2012
Sumitomo Mitsui Banking Corporation (SMBC) of Japan said on Tuesday it has signed a deal to provide technical assistance to Kanbawza Bank, Burma’s largest commercial bank. “The [agreement] is the first of its kind signed between a Japanese bank and a private bank in Myanmar since the recent progress in democratization in Myanmar,” SMBC said in a statement. According to a report by AFP, the Japanese firm said it will advise Kanbawza on banking operations and help train its employees. The move is expected to boost Japanese investment in Burma’s newly opened markets.