Azerbaijan, Baku, Dec. 24 / Trend A. Taghiyeva /
The Turkish banking regulation and supervision agency has issued a permit (license) to the largest Japanese bank The Bank of Tokyo-Mitsubishi UFJ to open a branch in Turkey, the country's official newspaper (Resmi Gazete) reported today.
The initial capital of the bank's branch will hit $300 million.
Previously, Lebanese bank Audi was authorized to open a branch. The Lebanese bank intends to create a subsidiary called Odea Bank in Turkey.
The Bank of Tokyo-Mitsubishi UFJ was established in 1994 as a result of the merger of the Bank of Tokyo and Mitsubishi bank and started operating since April 1, 1995.
In December 2007, the total assets of the bank amounted to 170 trillion yen ($ 1.6 trillion). The branch network includes 81 subsidiaries abroad. The customers have 40 million of accounts. Standard & Poor's has assigned Mitsubishi UFJ Financial Group Inc. with long-term rating A, "Stable" outlook.