Sumitomo Mitsui Banking Corporation, biggest bank in Japan in terms of assets has opened its Representative Office in Ulaanbaatar. This marks the first Japanese bank to establish its office in the country on 23rd of October, 2013.
In the previous months, Mongolian Prime Minister talked about issuing yen nominated bonds. However, there hasn’t been any developments on the matter. SMBC official press release states the following:
“Mongolia has recently become one of the rapidly growing countries achieving the double-digit economic growth rate by making the most of its abundant natural resources including copper and coal. Furthermore, since the visit made by the Prime Minister Abe to Mongolia in March this year, it is now highly anticipated that economic activities of both Mongolia and Japan will be further accelerated in the foreseeable future.
SMBC has consistently strived to develop and expand the financial network in Mongolia through business cooperation with the Development Bank of Mongolia, Mongolia’s only government-operated bank and Khan Bank, Mongolia’s largest private bank. Further, as for the energy sector with future growth potential, SMBC, Mongolia Ministry of Energy, and Hitachi, Ltd. have executed a business alliance agreement among three parties for the development project of the electricity transmission and distribution network in Mongolia.
SMBC continues to accommodate the needs of clients in Mongolia by establishing its Ulaanbaatar Representative Office for providing financial products and services including SMBC’s strengths of project finance and trade finance.”